Bitcoin has reached a new all-time high, tagging $97,900 just hours ago, as the market sentiment remains extremely bullish. This explosive rally has investors questioning how long this uptrend can be sustained and what lies ahead for the market leader. Bitcoin’s recent performance has drawn comparisons to its historic 2020 bull run, sparking excitement among traders and analysts alike.
Related Reading: Ethereum Holders Endure Unrealized Losses – Is ETH Undervalued?
CryptoQuant founder and CEO Ki Young Ju has shared key insights into the driving forces behind this surge. According to Ju, current market conditions mirror the early stages of Bitcoin’s previous bull cycle.
His analysis highlights critical data points, such as the behavior of long-term holders and the growing demand from institutional investors, fueling this rally. Ju also identifies the key factors necessary to maintain this momentum and propel BTC to higher price levels.
With Bitcoin entering price discovery again, speculation abounds about whether this rally will exceed expectations or face resistance near the psychological $100,000 mark. As the market navigates this euphoric phase, all eyes are on Bitcoin’s ability to sustain its upward trajectory. Ju’s analysis provides valuable insights for understanding 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 that confirm this is just the beginning of a larger uptrend.
CryptoQuant CEO Ki Young Ju recently shared an extensive analysis on X, explaining the key drivers behind Bitcoin’s surge. Ju states that the 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 on-chain whale accumulation, a trend many critics dismissed as exaggerated. However, the data has proven 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 led to a wave of short positions, contributing to a short squeeze that is helping to fuel Bitcoin’s current bull market.
Related Reading: Excess Global Liquidity Fuels Bitcoin Growth – Key Data Reveals M2 Is Rising
Ju also notes that the last BTC halving cycle saw the bull market take off in Q4, and he believes that whales are unlikely to let this year’s fourth quarter pass without significant movement. As Q4 approaches, the market sentiment remains positive, and it appears that BTC is primed 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 past sixteen days, showcasing incredibly bullish price action that is rare for any asset. The price is now nearing the psychological $100,000 mark, a level that many investors anticipate BTC will break in the coming days.
This strong upward momentum signals high confidence in the market, but there’s also a risk of a correction. While demand remains high, it is being met with whales taking profits at key price levels, which could lead to short-term volatility.
For BTC to continue its rally toward $100,000, it must hold above the $93,400 mark in the coming days. If this level holds as support, a surge toward $100,000 would seem imminent, potentially driving even more bullish sentiment and pushing BTC to new heights.
Related Reading: Bitcoin Surpasses $1.79 Trillion Oil Giant Saudi Aramco – Can BTC Climb Up And Pass Gold?
However, a correction to lower demand levels could occur if BTC fails to break above the $100,000 level and the price drops below the $93,400 support. In such a case, BTC could retrace to levels around $88,500 or even lower as the market adjusts and whales continue to lock in profits. The next few days will be crucial for determining Bitcoin’s direction.
Featured image from Dall-E, chart from TradingView
Bitcoin has reached a new all-time high, tagging $97,900 just hours ago, as the market sentiment remains extremely bullish. This explosive rally has investors questioning how long this uptrend can be sustained and what lies ahead for the market leader. Bitcoin’s recent performance has drawn comparisons to its historic 2020 bull run, sparking excitement among traders and analysts alike.
Related Reading: Ethereum Holders Endure Unrealized Losses – Is ETH Undervalued?
CryptoQuant founder and CEO Ki Young Ju has shared key insights into the driving forces behind this surge. According to Ju, current market conditions mirror the early stages of Bitcoin’s previous bull cycle.
His analysis highlights critical data points, such as the behavior of long-term holders and the growing demand from institutional investors, fueling this rally. Ju also identifies the key factors necessary to maintain this momentum and propel BTC to higher price levels.
With Bitcoin entering price discovery again, speculation abounds about whether this rally will exceed expectations or face resistance near the psychological $100,000 mark. As the market navigates this euphoric phase, all eyes are on Bitcoin’s ability to sustain its upward trajectory. Ju’s analysis provides valuable insights for understanding 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 that confirm this is just the beginning of a larger uptrend.
CryptoQuant CEO Ki Young Ju recently shared an extensive analysis on X, explaining the key drivers behind Bitcoin’s surge. Ju states that the 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 on-chain whale accumulation, a trend many critics dismissed as exaggerated. However, the data has proven 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 led to a wave of short positions, contributing to a short squeeze that is helping to fuel Bitcoin’s current bull market.
Related Reading: Excess Global Liquidity Fuels Bitcoin Growth – Key Data Reveals M2 Is Rising
Ju also notes that the last BTC halving cycle saw the bull market take off in Q4, and he believes that whales are unlikely to let this year’s fourth quarter pass without significant movement. As Q4 approaches, the market sentiment remains positive, and it appears that BTC is primed 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 past sixteen days, showcasing incredibly bullish price action that is rare for any asset. The price is now nearing the psychological $100,000 mark, a level that many investors anticipate BTC will break in the coming days.
This strong upward momentum signals high confidence in the market, but there’s also a risk of a correction. While demand remains high, it is being met with whales taking profits at key price levels, which could lead to short-term volatility.
For BTC to continue its rally toward $100,000, it must hold above the $93,400 mark in the coming days. If this level holds as support, a surge toward $100,000 would seem imminent, potentially driving even more bullish sentiment and pushing BTC to new heights.
Related Reading: Bitcoin Surpasses $1.79 Trillion Oil Giant Saudi Aramco – Can BTC Climb Up And Pass Gold?
However, a correction to lower demand levels could occur if BTC fails to break above the $100,000 level and the price drops below the $93,400 support. In such a case, BTC could retrace to levels around $88,500 or even lower as the market adjusts and whales continue to lock in profits. The next few days will be crucial for determining Bitcoin’s direction.
Featured image from Dall-E, chart from TradingView
