The co-founder and CEO of market intelligence firm CryptoQuant says he believes that blue-chip financial institutions getting involved in Bitcoin (BTC) could spark the biggest bull run yet.
In a new thread, Ki Young Ju tells his 332,000 followers on the social media platform X that he expects an explosive Bitcoin bull cycle with the help of traditional finance (TradFi).
TradFi firms increased their involvement in the crypto king with the recent approval of spot market BTC exchange-traded funds (ETFs), which give investors exposure to BTC through stock exchange platforms without having to actually purchase the digital asset.
“With TradFi entering the market, the next bull run is expected to be faster and more spectacular than before.”
The CEO also says he believes Bitcoin is currently experiencing a correction in the short-term, but will eventually skyrocket.
He shares a Fibonacci extension analysis from popular pseudonymous crypto analyst Nunya Bizniz that indicates the top crypto asset by market cap could dip to the $35,000 level.
“This TA (technical analysis) fits my narrative: short-term correction, then up only. Maximum drawdown might be around 30%.”
Says Nunya Bizniz,
“Using trend-based Fib ext (Fibonacci extensions) to guess the target of a potential local pullback. Three of [the] past four bottomed around 23.6%. $35,000 would be a 30% drawdown. Enough to satiate the bears?”
Traders use Fibonacci extensions in technical analysis to estimate profit targets and price pullbacks.
Bitcoin is trading for $39,776 at time of writing, up slightly in the last 24 hours.
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