Generated Image: Midjourney 07.26.2023
The co-founder and CEO of analytics platform CryptoQuant, Ki Young Ju, is analyzing Bitcoin (BTC) as the flagship crypto asset hovers nearly 10% below the 2023 high.
Ki Young Ju says that Bitcoin is still in a bull cycle due to the low selling pressure being witnessed as a result of the majority of the BTC acquired or mined more than six months ago remaining static.
“Bitcoin is still in a bull cycle.
Approximately 71% of realized cap is unmoved BTC (greater than 6 months), indicating low selling pressure from long-term holders currently.”
Bitcoin is trading at $29,178 at time of writing, about 8.3% lower than the 2023 high of $31,806.
The CryptoQuant CEO, however, says that a price rally is not guaranteed for the leading digital asset.
“Lower selling pressure doesn’t guarantee a price increase, but it’s less likely BTC is in the cyclic top at least.”
Noting that “Stablecoins for BTC are good thing. People buy BTC using stablecoins”, Ki Young Ju says that the crypto market is likely to remain calm until the supply of stablecoins rises.
“Market boring until more stablecoins injected for buy-side liquidity.”
Last month, Ki Young Ju said that the level of stablecoin supply was low.
“Stablecoin fuel is running low.”
At the time, the CryptoQuant CEO said that the dominance of the Tether (USDT) stablecoin was increasing.
“Meanwhile, USDT is eating the stablecoin market.”
The market cap of USDT is currently $83.8 billion while that of its closest rival, USD Coin (USDC) sits at $26.6 billion.
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