From TokenPost · · 1m 20s
Bitcoin Bull Market Slows
CryptoQuant CEO says $10,000 slump would need extreme shock.
In brief
CryptoQuant CEO says $10,000 slump would need extreme shock. Bitcoin's bull market is slowing as CryptoQuant CEO Ki Young Ju warns a $10,000 drop would require extreme shock to occur. Originally reported by TokenPost.
Bitcoin enters slower bull market
Bitcoin has entered a slower bull market after an August capitulation with growing institutional and long-term ownership expected to temper sharp swings.
CryptoQuant CEO Ki Young Ju
CryptoQuant founder and CEO Ki Young Ju said Bitcoin’s bear market ended in August with a gradual advance expected rather than a parabolic rally.
Positive net demand since August 20
Ju pointed to positive net demand in both spot and perpetual futures markets since August 20, a trend holding for about two months.
MVRV ratio above 1
Ju put Bitcoin’s aggregate cost basis at $54,000 compared with a market price of $80,000, leaving the market-value-to-realized-value ratio above 1.
Challenging $10,000 downside scenario
Ju challenged Bloomberg analyst Mike McGlone’s $10,000 downside scenario, saying it would leave holders facing an average unrealized loss of about 80%.
Extreme shock required for $10,000 drop
Ju said a catastrophic event like a world war or major Bitcoin security flaw could make that outcome possible, but it would require extreme shock.
The key point
Bitcoin's bull market is slowing as CryptoQuant CEO Ki Young Ju warns a $10,000 drop would require extreme shock to occur.
