Despite Bitcoin's recent correction to the $78,000 level, the head of a major crypto analytics firm believes the bull market remains strong.
CryptoQuant CEO Ki Young Ju shared his market outlook with his 409,400 followers on X. He expects severe corrections during bull cycles but predicts Bitcoin may soon return to six-figure territory. The executive warned that a drop significantly below $75,000 would likely signal the end of the current bull cycle.
"I'm bullish. The bull cycle is not over," Ju stated. "The cycle I'm referring to includes a potential 30% drawdown at some point. If the price drops significantly below $75,000, I'd be wrong."
Ju emphasized his consistent position on market conditions. "I didn't change my stance. I've been consistent about the bull cycle and the possibility of a 30% correction."
Based on spot trading volume metrics, the CEO believes Bitcoin may continue its consolidation phase for an extended period. This pattern resembles market behavior observed in early 2024, before Bitcoin potentially breaks through the upper range of approximately $100,000.
"Bitcoin spot volume was highly active around $100,000," Ju noted. "In the distribution phases, prices drop when new liquidity dries up."
He identified the source of new capital as crucial to Bitcoin's future price action. "The key question regarding whether the BTC market will face years of bear markets is: Where will fresh liquidity come from?"
According to Ju, the market will likely experience "an extended consolidation in the wide range (e.g., $75,000-$100,000), similar to early 2024." He projects this pattern "could last until some good news for Bitcoin brings in new liquidity."
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.