bitcoin has reached a new all-time high, marking $97,900 just a few hours ago, as market sentiment remains extremely optimistic. This explosive rally has investors wondering how long this bullish trend can continue and what lies ahead for the market leader. bitcoin's recent performance has drawn comparisons to its historic 2020 bull run, generating excitement among traders and analysts alike.
CryptoQuant Founder and CEO Ki Young Ju has shared key insights into the driving forces behind this surge. According to Ju, current market conditions reflect the early stages of bitcoin's previous bull cycle.
Their analysis highlights critical data points, such as the behavior of long-term holders and growing demand from institutional investors, which are fueling this rally. Ju also identifies the key factors needed to maintain this momentum and push btc to higher price levels.
With bitcoin once again entering price discovery, speculation is rife as to whether this rally will exceed expectations or face resistance near the psychological mark of $100,000. As the market navigates this euphoric phase, all eyes are on bitcoin's ability to maintain its upward trajectory. Ju's analysis provides valuable information to understand the factors driving this trend and what could shape the coming months for btc.
bitcoin On-Chain Metrics Support Bullish Sentiment
bitcoin's rise has been nothing short of impressive, and investors remain optimistic about the coming months, buoyed by on-chain metrics confirming that this is just the beginning of a broader bullish trend.
<a target="_blank" href="https://x.com/ki_young_ju/status/1859457867633565799″ target=”_blank” rel=”noopener nofollow”>CryptoQuant CEO Ki Young Ju recently shared extensive analysis on xexplaining the key factors behind the rise of bitcoin. Ju claims that current market conditions resemble the early stages of the 2020 bull market, a period that ultimately propelled btc to new all-time highs.
For months, Ju has been discussing chain whale stockpiling, a trend that many critics dismissed as overblown. However, the data has proven to be accurate and the reasons for the accumulation are becoming clearer.
According to Ju, the sharp increase in mining costs following the recent halving has created pressure on miners, forcing the price to rise to maintain profitability. This situation has caused a wave of short positions, contributing to a short squeeze that is helping fuel the current bitcoin bull market.
Ju also notes that the last btc halving cycle caused the bull market to take off in the fourth quarter, and believes that whales are unlikely to let the fourth quarter of this year pass without a significant move. As the fourth quarter approaches, market sentiment remains positive and it appears that btc is poised to continue its upward trajectory, with many expecting new highs in the coming months.
btc hits ATH almost every day
bitcoin has hit an all-time high ten times in the last sixteen days, showing incredibly bullish price action that is rare for any asset. The price is now approaching the psychological mark of $100,000, a level that many investors anticipate btc to surpass in the coming days.
This strong bullish momentum indicates great confidence in the market, but there is also the risk of a correction. While demand remains high, whales are meeting it by making profits at key price levels, which could lead to short-term volatility.
For btc to continue its rally towards $100,000, it must stay above the $93,400 mark in the coming days. If this level holds as support, a rise towards $100,000 would appear imminent, which could spark even more bullish sentiment and take btc to new heights.
However, a correction to lower demand levels could occur if btc fails to break above the $100,000 level and the price falls below the $93,400 support. In such a case, btc could pull back to levels around $88,500 or even lower as the market adjusts and whales continue to make profits. The next few days will be crucial in determining the direction of bitcoin.
Featured image of Dall-E, TradingView chart
