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According to Ki Young Ju, founder and CEO of cryptocurrency analytics firm CryptoQuant, Bitcoin, the flagship cryptocurrency, is still in a bull market.
This is despite the fact that the cryptocurrency has sustained multiple significant corrections during this cycle. It is currently down 14% from its all-time peak of $73,737 that was reached back in March following the successful launch of several exchange-traded funds.
Tomiwabold OlajideJu described the current price action as "boring," adding that it presents an opportunity for investors. According to him, this is the ideal time for whales to start accumulating the largest cryptocurrency.
A chart attached by Ju shows that the leading cryptocurrency is experiencing extremely anemic market activity based on the Garman-Klass Realized Volatility indicators.
Earlier today, the Bitcoin price reached an intraday high of $63,694, according to CoinGecko data. At press time, it is changing hands at $63,182, up 2.8% over the past 24 hours.
Alex DovbnyaTravis Kling of Ikigai Asset Management recently commented that the recent correction makes sense due to supply overhang fears.
Meanwhile, some reputed analysts believe that the cryptocurrency is yet to reach its peak. Fundstrat's Tom Lee, for instance, continues to stand by his $150,000 price prediction.
As reported by U.Today, Peter Brandt, a prominent commodity trader, has also predicted that the leading cryptocurrency could peak at $150,000 during this cycle. However, he believes there is still a decent possibility that the flagship cryptocurrency falls short of logging a new peak and plunges all the way to the $55,000 level.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin