CryptoQuant CEO says institutions will drive a faster and more spectacular Bitcoin bull run
The co-founder and CEO of market research firm CryptoQuant believes that blue-chip financial institutions' involvement in Bitcoin (BTC) could spark the biggest bull market yet.
In a new thread, Ki Young Ju tells his 332,000 followers on social media platform X that he expects an explosive Bitcoin bull cycle with the help of traditional finance (TradFi).
TradFi firms increased their exposure to the crypto king with the recent approval of spot market BTC exchange-traded funds (ETFs), which allow investors to gain exposure to BTC through exchange platforms without having to actually purchase the digital asset.
“With TradFi’s entry into the market, the next bull market is expected to be faster and more spectacular than before.”
The CEO also says he believes Bitcoin is currently experiencing a short-term correction but will eventually surge.
He shares a Fibonacci expansion analysis from popular pseudonymous crypto analyst Nunya Bizniz that suggests the top crypto asset by market cap could fall to the $35,000 mark.
“This TA (technical analysis) fits my narrative: short-term correction, then only upward movement. The maximum drawdown could be around 30%.”
Says Nunya Bizniz,
“Using trend-based Fib extensions (Fibonacci extensions) to guess the target of a possible local pullback. Three of them [the] The last four bottomed out at around 23.6%. $35,000 would be a 30% drawdown. Enough to feed the bears?”
Traders use Fibonacci extensions in technical analysis to estimate profit targets and price declines.
At the time of writing, Bitcoin is trading at $39,776, up slightly in the last 24 hours.
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