Bitcoin Market Still Bullish Despite Price Drop, According to CryptoQuant CEO

Bitcoin Market Still Bullish Despite Price Drop, According to CryptoQuant CEO

According to Joo Ki-young, CEO of CryptoQuant, "The average entry price of Bitcoin traders is $47,000. During a bull market, the price of Bitcoin usually stays above the traders' entry price. This means that even though the price has fallen, it can still be seen as a bull market." He added, "Hold on to the bullish trend for the long term, but avoid excessive risks." Despite the recent price drop, Ki-young believes that the Bitcoin market is still in a bull market. He bases this on the fact that the average entry price of Bitcoin traders is still below the current price, indicating that there is still buying pressure in the market. Ki-young's comments come as Bitcoin has been trading sideways for the past few weeks, after reaching an all-time high of over $69,000 in November. The price of Bitcoin has since fallen to around $66,000, but it has remained above the key support level of $60,000. If you are a long-term investor in Bitcoin, Ki-young's comments should provide you with some reassurance. He believes that the market is still in a bull market and that the recent price drop is just a temporary setback. However, it is important to remember that the cryptocurrency market is volatile and that there is always the potential for further losses. As always, you should only invest what you can afford to lose.