Bitcoin (BTC) Market Will Remain Slow Until Sentiment in the US Improves, Says Cryptoquant's Ki Young Ju

Cryptoquant's CEO Ki Young Ju has analyzed the current state of the Bitcoin market

Cryptoquant’s CEO Ki Young Ju has shared his insights into the Bitcoin market, highlighting the importance of US sentiment in the immediate future of the crypto market. According to Ju, the market will likely remain slow until sentiment in the U.S. gets better.

Bitcoin market will likely remain slow until sentiment in the U.S. gets better. There’s no significant on-chain activity, and key indicators are neutral, suggesting the bull cycle is still intact. Fundamentals remain strong, with more mining rigs coming online. If the cycle ends… https://t.co/fSWl26d0gx

— Ki Young Ju (@Ki_Young_Ju) August 16, 2024

Ju’s latest post on X focused on how crucial indicators like the Hash Rate, NetFlows, and the Fear & Greed Index remain neutral despite bullish fundamentals. The well-known crypto market analyst mentioned the growing number of Bitcoin mining rigs as a basic development that hints at a bullish future for the crypto market.

"The good news is that we're seeing more mining rigs come online, which is a fundamental strength. We're also not seeing any major signs of stress in the market. The Fear & Greed Index is now at 40, which is in the neutral zone, and NetFlows are still slightly positive, indicating that investors are still marginally buying Bitcoin."

However, besides the clear fundamentals, Bitcoin has little on-chain activity. According to Ju, this lack of activity might indicate that the market is waiting for a catalyst, which could be a regulatory decision or a macroeconomic event.

"We're also not seeing much activity in the options market, which is surprising given the upcoming regulatory decisions and macroeconomic events. This lack of activity might indicate that traders are waiting for a clear direction from the market."

Despite this, Ju doesn’t think the current market condition means the bull run is over. According to him, many traders, including whales, mining companies, TradeFi, and Donald Trump, feel the same way.

"Everyone is talking about how the U.S. retail traders will decide the market's next move. But I think it's up to the institutions and the government to provide the narrative that will drive the market higher."

Basically, Ju doesn’t believe retail traders can decide the crypto market’s next move. Instead, he thinks it will be up to the institutions and the government to provide the narrative that will drive the market higher.