CryptoQuant CEO: Short-Term BTC Correction to $47K Possible, But Uptrend to Continue

IconCryptoNewsTerminal Staff04 Jul, 2024

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CryptoQuant CEO: Short-Term BTC Correction to $47K Possible, But Uptrend to Continue

CryptoQuant CEO Ki Young Ju recently shared his thoughts on the short-term prospects for Bitcoin (BTC). According to Ju, a pullback to $47,000 is possible in the near term, but the overall upward cycle is likely to continue. Ju's analysis is based on CryptoQuant's proprietary data, which shows that the number of active Bitcoin addresses has been increasing steadily in recent months. This suggests that more and more people are using and holding BTC, which is a bullish sign. Ju also noted that the recent spike in leverage in the Bitcoin futures market could lead to a correction in the short term. However, he believes that this is a healthy development that will ultimately help to strengthen the market. "I personally believe that the rising cycle is not over yet," Ju said. "However, it is possible for a short-term correction of up to $47,000. I think it is better for spot holders to continue holding until early to mid-next year. But it is not a suitable period to invest with futures leverage. It is recommended to stop trading until there is a strong buying trend."

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