Ki Young Ju, CEO of South Korean on-chain analytics firm CryptoQuant, in bitcoin He predicted that $30,000 would be the starting point of the next bull run.
In response to a tweet that MicroStrategy’s realized price level was $30,664, Ju pointed to the fact that most people are still at a loss at current prices. MicroStrategy recently announced that it has purchased 480 more coins.
CryptoQuant CEO Claims $30,000 Could Be The Starting Point Of The Next Rally In Bitcoin
Ki Young Ju expressed his thoughts in his tweet:
Imagine that the price of Bitcoin reaches 30 thousand dollars.
This doesn’t seem strange to me as most people who took part in the last bull run are still at a loss below this price.
$30,000 looks like a starting point for the next bull run.
CryptoQuant CEO also stated in his previous statements that he expects a big “short squeeze” before the BTC rally last week.
Earlier today, the world’s largest cryptocurrency The currency rose to $23,855, the highest level since June 13. On Tuesday, Mark Newton, head of global technical strategy at Fundstrat Global Advisors, predicted that Bitcoin could potentially retrace the $28,000 level before it fades a bit.
At the time of this writing, BTC price has risen by about 37% since hitting the local low of $17,592 during the massive sell-off on June 18.
As prominent crypto investor Scott Melker noted, Bitcoin closed above its 50-day moving average for the first time since April, a major victory for the bulls.
However, BTC was overtaken by Ethereum’s performance, and ETH/BTC rose 30% over the past week. The upcoming Merge event on the Ethereum side is seen as a major bullish catalyst for the industry.
Still, the latest rally may be stalled by macro hurdles, where the US Federal Reserve is expected to announce a 100 basis point rate hike. This could be an alarming sign for crypto bulls emboldened by the recent recovery.
*Not investment advice.