The co-founder and CEO of CryptoQuant says that Bitcoin (BTC) is in a bullish trend that still has gas left in the tank, despite the king crypto suddenly smashing through $43,000.
Ki Young Ju tells his 327,800 followers on the social media platform X that based on an aggregate of key metrics used by CryptoQuant, Bitcoin has more upside potential.
“We’re in the bull market, thankfully not an overheated bull market.”
The analyst says that Bitcoin has flipped into a negative correlation with the S&P 500 (SPX) index, which he suggests indicates the king crypto is acting more as a store of value like gold, rather than a risk-on tech stock.
“Bitcoin entered a negative correlation with the S&P 500. It’s not a tech stock anymore. It’s the digital gold.”
Ju says the official start of the current Bitcoin bull market cycle began back in August when crypto whales started aggressively going long near the $29,000 mark.
“Whale traders opened giga long positions at $29,000.”
The analyst also suggests that another reason to remain bullish on Bitcoin is that retail investors have yet to significantly return to the crypto markets with their liquidity, meaning larger players won’t be able to efficiently exit their positions.
“Retail traders, the exit liquidity, have yet to join the market.”
Bitcoin is trading for $43,786 at time of writing, up 5.2% in the last 24 hours.
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Source: https://dailyhodl.com/2023/12/05/bitcoin-bull-market-not-yet-overheated-as-btc-forms-negative-correlation-with-stock-market-cryptoquant-ceo/