CryptoQuant CEO Projects Further 40% Upside for Bitcoin as ‘Max Pain’ Eases

CryptoQuant’s Ki Young Ju forecasts 40% upside for Bitcoin as its price surges to $75K, while advising gradual profit-taking amid easing “max pain.”

The price of Bitcoin surged to an all-time high of $75,400 in the wake of the latest U.S. presidential election updates. Early results showed that Donald Trump, who has positioned himself as a pro-crypto candidate, is gaining significant momentum. 

This political development triggered a sharp rally in Bitcoin’s price. Although Bitcoin has since stabilized around $74,000, its ascent reinforced its position among the world’s top 10 largest financial assets by market capitalization.

Bitcoin Market Now At Ease, Likely 40% to Follow

Amid the recent rally, market analysts have turned their attention to Bitcoin’s cyclical nature. Ki Young Ju, CEO of CryptoQuant, highlighted how Bitcoin holders typically behave during market cycles. He noted that new investors often endure losses during bear markets, only to see their assets change hands after about two years, once the “max pain” phase subsides.

Ju shared a chart showing these “max pain” zones, which are crucial for understanding Bitcoin’s market dynamics. He emphasized that the current market environment aligns with an easing period.

In parallel, Ju suggested that Bitcoin could see potential gains of 30-40%. However, he cautioned that the type of exponential gains seen during Bitcoin’s 368% surge from $16K are unlikely to be repeated.

Moreover, Ju stressed that Bitcoin holders should consider taking profits before the next bear market phase sets in.

New investors often hold $BTC through bear markets, enduring losses.

After about two years, it changes hands when pain eases. That time is now.

It could go up +30-40% from here, but not like the +368% we saw from $16K. Time to consider gradual selling, not all-in buying, imo. pic.twitter.com/hXRT6YBsxS

— Ki Young Ju (@ki_young_ju) November 6, 2024

Bitcoin Amost Overbought?

Bitcoin’s weekly technical indicators also provide important insights. According to TradingView, the price is trending near the upper Bollinger Band, signaling strong bullish momentum. However, when the bands widen, it typically suggests increased volatility, prompting traders to remain cautious.

Additionally, the Relative Strength Index (RSI) remains just below 70, at 63, indicating continued upward momentum without immediate overbought risks. Market participants are now closely watching for a decisive breakout or a short-term correction, depending on Bitcoin’s ability to sustain gains above its key resistance levels.

Staking Platforms Benefit From Surge

Elsewhere, as Bitcoin’s price soared, staking platforms experienced a corresponding surge in activity. Solv Protocol, a prominent Bitcoin staking platform, achieved a record total value locked (TVL) of over $2 billion.

According to DeFiLlama, nearly 30,000 BTC were staked on Solv, up from 16,340 in mid-October at the time of the report. This rapid growth coincides with Bitcoin’s historic rally, with the platform deploying assets across ten blockchain networks.

SolvBTC, a key product within Solv Protocol, alone holds over $1.11 billion in value. This highlights the increasing preference for staking as Bitcoin holders seek additional yield amid price volatility.