CoinDesk Report:
Ki Young Ju, CEO of the blockchain analytics platform CryptoQuant, stated that he expects the current Bitcoin (BTC) bull market to extend into the early months of 2025.
Ju told his 351,000 followers on the social media platform X that while he believes Bitcoin could see further declines, potentially nearing the $47,000 level, he still anticipates the bull market to persist into early next year.
“I believe the Bitcoin bull market will continue into early next year. For those engaged in spot trading, it’s wise to DCA (Dollar Cost Average), while keeping in mind it could dip to around $47,000 from here. If you’re not an experienced futures trader, avoid opening high leverage long or short positions based on my tweets.”
“Over the past month, I indirectly warned against excessive risk, yet it seems some are still opening high leverage long positions based on my tweets about spot trading and long-term cycles. Corrections in warnings pertain to risks. Always DYOR (Do Your Own Research).”
When asked about potential price targets at the peak of the bull market, Ju disclosed a prediction based on the Realized Cap HODL Waves metric, an on-chain indicator focusing on the last price at which each Bitcoin moved in a given queue, rather than current market value.
“It peaks around $112,000 in the peak of the cycle.”
Source: Ki Young Ju/X
Ju also noted that uncertainties surrounding Western governments’ sales of confiscated Bitcoins may be exaggerated due to their relatively small market share in Bitcoin holdings.
“The government’s selling of Bitcoin is overestimated. Since 2023, $224 billion has flowed into the market. Confiscated BTC contributes about $9 billion to the realized cap since 2023, only about 4% of the cumulative realized total value. Don’t let government sell-offs FUD (Fear, Uncertainty, and Doubt) ruin your trades.”
Source: Ki Young Ju/X
At the time of writing, Bitcoin is trading at $57,879.
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