CryptoQuant CEO: “Bitcoin Has Entered Bull Mode! However…”

Significantly rising since the beginning of 2023 and exceeding $23,000. bitcoinIt is currently at $22,900.

In this context BTCWill investors continue to rally as the $23,000 struggle continues? Or will it go down? looking for answers to his questions.

Investors remain in the bear-bull dilemma while answering this question. Ki Young Ju, CEO of CryptoQuantA reply came from.

Stating that Bitcoin may have already started a bull rally, CryptoQuant CEO said that most investors on PnL-based indicators like MVRV are still underwater, still at a loss.

Also adding that most investors do not want to sell at these levels while they are still at a large loss, Ki Young Ju said that most of the current selling pressure in the market is due to large funds or crypto- He estimates that it continues as part of the liquidation process that began due to the bankruptcy of the companies involved.

“Bitcoin has entered an early bull phase.

But if you see indicators of on-chain PnL like MVRV, most traders are still underwater, i.e. still at a loss.

Nobody here wants to sell at a substantial loss.

If someone sells a lot, it’s most likely bankruptcy, government confiscated coins, etc. It makes a forced and undesirable sale for reasons.”

The famous CEO who opened a parenthesis to the bull rally in Bitcoin, bitcoin He noted that despite an early bull run, BTC still has macro risks.

In this context, the CEO emphasized that we may see more bankruptcies, mergers and acquisitions and capitulations in the next few months.

Finally, according to the in-chain data bitcoin Saying that the whales did not move their BTC despite the recent rally, Ki Young Ju stated that this is an indication that the market may not have reached its target yet or that the price target of the whales is much higher.

*Not investment advice.

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