The chief executive of market intelligence firm CryptoQuant is doubling down on his position that Bitcoin (BTC) remains in a bull market.
In a new thread, Ki Young Ju tells his 410,300 followers on the social media platform X that Bitcoin’s surge on Sunday is confirming his belief that Bitcoin’s bull market is far from over – as long as it doesn’t fall significantly below the $75,000 level.
“Made a bold call knowing I could be way off, but glad I got it right.”
Bitcoin surged over the weekend from around $84,000 to around $94,000, after President Trump announced a crypto strategic reserve for the US that will include the flagship digital asset.
Ki Young Ju also says that deep-pocketed investors using the top US crypto exchange Coinbase were propelling Bitcoin to higher price levels over the weekend.
“Coinbase whales led this Bitcoin surge.”
The CEO points to other metrics that he says continue to signal bullishness, including Bitcoin’s hash rate.
The hash rate measures the computational power used by miners to secure the BTC network. A higher hash rate indicates a stronger network and better security.
“The chart that backs my belief in Bitcoin. When investment in its network security stops, it has likely absorbed enough capital. That’s the time to sell.”
He also says that Bitcoin’s Market Value to Realized Value (MVRV) indicator shows the price of the flagship crypto asset is likely to go up based on historic precedence.
MVRV is the ratio of Bitcoin’s market capitalization relative to its realized capitalization (the value of all BTC at the price they were bought at) and is used to assess whether the crypto asset is undervalued or overvalued.
“Bitcoin on-chain indicators feel like this – like something unfinished.”
The flagship digital asset did retrace on Monday amid the Trump tariff news that caused a sell-off in the stock market. Bitcoin is trading for $83,284 at time of writing, down 10.4% in the last 24 hours.
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