CryptoQuant CEO Ki Young Ju states that the current rally of Bitcoin appears to be supported by months of accumulation by whales. The ongoing surge of Bitcoin (BTC) toward the $100,000 mark resembles the price increase observed in 2020, when the cryptocurrency’s value soared sixfold to reach $67,000, Ju mentioned in a recent X thread.
https://twitter.com/ki_young_ju/status/1859457863447703811
Ju emphasized that previous on-chain data indicating Bitcoin accumulation by whales over several months has shown to be accurate, despite initial skepticism regarding the data’s credibility. “Many criticized the data as exaggerated,” Ju acknowledged, “but now the reason for the accumulation seems to be becoming pretty clear.”
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https://twitter.com/ki_young_ju/status/1859457867633565799
The CryptoQuant CEO also highlighted the doubling of crypto mining costs following the April halving, which reduced mining rewards from 6.25 BTC to 3.125 BTC. He pointed out that Bitcoin’s price “needs to go up to maintain mining profitability.” Regarding the potential for further price increases, Ju suggested that “many traders are shorting, fueling the bull market with a short squeeze,” although the exact timing of any price explosion remains uncertain.
Reflecting on past comments regarding Bitcoin’s price peak, Ju conceded that his predictions “didn’t age well” when he previously forecasted a short-term correction “in the middle of the bull market.” Nevertheless, he reaffirmed his commitment to “speak up” if a bear market “seems to be confirmed.” As of press time, Bitcoin is trading at $97,444, up 160% since the start of the year.
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