Bitcoin‘s quick price recovery sparked the community’s trust in Bitcoin, especially for short-term prospects, while some analysts assume a price recovery in BTC to its previous trading mark. CryptoQuant CEO Ki Young Ju reassured Bitcoin investors that the bull market is still in progress, suggesting a rebound in price in the upcoming months.
After investigating several bullish and bearish on-chain performances of the asset, the CEO expresses positive price changes in the asset.
By analyzing bullish on-chain performance, ju talked about the hash rate, which is gradually increasing to its all-time high level. The CEO predicted the hash rate will remain steady unless the price of BTC falls below the mining cost of $43,000 in the United States.
Another cause of a bearish breakout is whale accumulation, which involves booking several BTCs in such a volatile market and holding them in their wallets. In the last 30 days, the permanent holder addresses for BTC have risen to 404,000, compared to 40,000 in the US Spot Bitcoin ETF.
Other positive signs include fewer retail investors, similar to 2020 before Bitcoin’s big rise in 2021, and less activity from old whales, especially those holding Bitcoin for over 3 years. Since these long-term investors sold their Bitcoin to new investors between March and June, they are currently not causing any significant selling pressure.
If the asset goes bearish, Ju indicates a forced sell-off due to high risks. He highlighted recent large crypto deposits from Binance and Jump Trading, whose daily deposits reached a new record year-to-date.
According to Ju’s assumption, several on-chain indicators are showing a bearish outcome due to the recent blood bath over the weekend. The CRO believes that if the market continues to see the same trend for two weeks, it will be difficult for it to rebound.
Despite these events, the CEO still thinks the bull market is strong. However, if the market doesn’t recover in the next two weeks, he might change his view. “I trust the smart investors, so if I’m wrong, it means the new big players either made mistakes or underestimated the larger economic situation,” he said.
Bitcoin recovery is almost complete
Bitcoin is still in a recovery phase and sees an immediate rebound after dropping below the $50K price. A famous crypto analyst, Doctor Profit, told his audience on X that the asset is one step away from full-price recovery.
According to experts, BTC gained a 17% rise in the last 3 trading days and is only 2% away from its full price recovery.
