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CryptoQuant founder Ki Young Ju released a bull-bear price prediction for Bitcoin (BTC). Young Ju highlighted short-term risks from large holders while leaving room for a bullish macro case.
Young Ju's Bitcoin prediction
The founder of CryptoQuant said large holders, popularly known as whales, have sold Bitcoin worth billions since the coin hit $100,000.
Typically, whale selling creates supply overhang, meaning more BTC hitting the market than buyers can absorb, pushing prices down.
After Bitcoin hit its all-time high (ATH) of $126,025 on Oct. 6, the price has corrected roughly 20-30%. This is partly due to the supply overhang and is a classic sign of distribution in market cycles.
Considering the whale selling, Young Ju had previously suggested that the 2024-2025 bull run had peaked and flipped bearish. However, he pointed out that inflows from Strategy and Bitcoin exchange-traded funds (ETFs) canceled the bear market.
Without this artificial demand, the CryptoQuant founder believes BTC would have entered a multi-year bear market. Hence, he predicted that if Strategy stops or slows down buying BTC and ETF inflows dry up, sellers will dominate again.
Is now good time to buy Bitcoin?
Young Ju went on to emphasize that selling pressure remains heavy. This is confirmed by metrics such as exchange inflows, futures open interest and liquidations.
In a U.Today report, JAN3 CEO Samson Mow attributed the recent sell-off to new buyers. Mow explained that investors who purchased Bitcoin in the last 12-18 months are now taking profits after securing gains of roughly 20%-30%.
His comments further emphasize the concerns of Young Ju about Bitcoin whales disposing of their coins.
On a bullish note, Young Ju later pointed out that the broader economy matters for risk assets like Bitcoin. He, therefore, encouraged investors and traders to buy the dip if they believe the macro outlook will restart inflows and overpower sellers.
As of press time, the Bitcoin price traded at $105,132, down 0.8% over the past 24 hours. However, the trading volume showed a resumption of market activity. The metric jumped by 3.01% to $70.2 billion.
If the momentum continues, combined with inflows into the spot ETF market, BTC could resume an uptrend.
Analysts recently highlighted that the next possible BTC flashpoint is located around $111,700. They claimed the $111,700 range is the threshold that will determine the next move, either upward or downward.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team