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Analyst Names "Starting Point" for Next Bitcoin Bull Run

Wed, 07/20/2022 - 08:49
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Alex Dovbnya
Can Bitcoin hit $30,000? Here's what this analyst has to say
Analyst Names "Starting Point" for Next Bitcoin Bull Run
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Ki Young Ju, CEO of South Korean on-chain analytics resource CryptoQuant, has predicted that $30,000 will be the starting point of another bull run.

Ju has pointed to the fact that most people are still underwater at current prices in response to a tweet about MicroStrategy's realized price being $30,664. The business intelligence firm recently announced that it had purchased another 480 coins.

As reported by U.Today, Ju predicted a "big short squeeze" last week ahead of Bitcoin's recent rally.

Earlier today, the largest cryptocurrency spiked to $23,855, the highest level since June 13. On Tuesday, Mark Newton, global head of technical strategy at Fundstrat Global Advisors, predicted that Bitcoin could potentially reclaim the $28,000 level before taking a breather.

The cryptocurrency is now up by nearly 37% since hitting the local bottom of $17,592 on June 18 during a massive sell-off.

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As noted by prominent cryptocurrency trader Scott Melker, Bitcoin has managed to close above the 50-day moving average for the first time since April in a major win for bulls.

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Bitcoin has been vastly outperformed by Ethereum, with the ETH/BTC pair adding as much as 30% over the past week. The upcoming Merge event is widely viewed as a major bullish catalyst for the industry.

Still, the recent rally could falter due to macro headwinds, with the U.S. Federal Reserve being widely expected to announce a 100 basis point rate hike. This could be an ominous sign for crypto bulls emboldened by the recent recovery.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at