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Projection by CryptoQuant CEO Reveals the Threshold for Bitcoin’s Downward Journey Termination!
Projection by CryptoQuant CEO Reveals the Threshold for Bitcoin’s Downward Journey Termination!
CryptoQuant CEO suggests the possibility of a brief pullback in Bitcoin to $47,000.
By:
Elif Azra Güven
05.07.2024 – 07:22
Recent Update:
6 seconds ago
0
The intense selling activity surrounding Bitcoin persists, as the BTC value experiences another 7.5% decline in the past day, driving its price below $54,000.
Resulting from this ongoing selling pressure and drop, the dormant Mt. Gox cryptocurrency exchange wallets have been reactivated, initiating transfers of Bitcoins to BitBank and other destinations.
One critical query looms large: Where might the descent of Bitcoin halt?
Addressing this concern, a significant post was authored by CryptoQuant CEO Ki Young Ju. Ki Young Ju cautioned investors about the potential for a short-term correction towards $47,000 in BTC.
The renowned CEO emphasized that despite anticipating a brief pullback in Bitcoin, the overall upward trajectory is still in motion.
Furthermore, the CryptoQuant CEO expressed his belief that the optimistic cycle for Bitcoin is not concluded, although a temporary correction down to $47,000 remains feasible.
“Considering the long-term outlook, I maintain the perspective that the bullish cycle has yet to reach its conclusion. Upon reviewing realized prices across various wallet address cohorts, I assess that a short-term adjustment could reach as high as $47,000.
If you are vested in spot positions, possibly holding until early to mid-next year could be judicious.
Present levels may not be conducive for leveraging through futures.
We advocate for a pause in trading activities until a robust buying trend materializes. Naturally, the decision rests with you.”
As of the time of this composition, Bitcoin is currently valued at $54,551.
I still think the bullish cycle has not ended from a long-term perspective. Looking at the realized prices for various wallet address cohorts, I think a short-term correction is possible, up to 47K. If you’re in a spot position, holding it until early to mid next year might be better. I don’t think it’s a good place for futures leverage. The buying linemen may be…
— Ki Young Ju (@ki_young_ju)
July 5, 2024
*This is not investment advice.
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