- CryptoQuant CEO predicts a Bitcoin short-squeeze.
- On July 13, the Bitcoin market hit the $20,000 mark despite the bearish market sentiment.
- Fear & Greed Index report shows extreme fear.
Market Wars: The Force Awakens
A long time ago in a galaxy far, far away… people struggled for employment, food, living expenses, and even oxygen. Everyone was locked up inside their house grinding their fingers on the TV remote, nervously looking at the screens displaying the exponential number of deaths happening every day. This, ladies and gentlemen, was the COVID era.
2020-2021 is the timeframe where every market crashed, except for the Bitcoin Market. It even touched $65,000 once in February 2021. Since then, a lot has changed. According to a Bloomberg survey, many retail and institutional investors answered that the Bitcoin market might crash to the $10,000 mark.
The bear market of 2022 has drastically turned Bitcoin’s market valuations to dust. Although, on July 13th, conditions improved with Bitcoin’s market touching the $20,000 mark, investors’ sentiment still appeared bearish. According to the Fear & Greed Index report, most investors are extremely fearful of the Bitcoin market.
The Empire Strikes Back
According to the market prediction by Ki Young Ju, famous Bitcoin analyst, and CEO at CryptoQuant, there is an upcoming short-squeeze in the Bitcoin market. A short squeeze refers to a market condition where the stock price shoots up quickly. This doesn’t mean the Bitcoin market is going for a bull run. Ju’s market prediction only tells us that the market is bottoming out.
Last month, the Bitcoin price went down as low as $17,600. These stats and Ju’s market prediction prove that it will take months, or maybe years before another Bitcoin bull run starts. Peter Brandt, who recently predicted the Cardano market’s ‘ugly pattern,’ believes the market uprising will not start before 2024.
The Bitcoin market is trading at $20,538 as of this writing. The question is: Is this rocket ever taking off? And if so, when is that happening?
Source: https://www.thecoinrepublic.com/2022/07/15/bitcoin-market-a-new-hope/