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Ki Young Ju made a forecast for Bitcoin’s price in the near term
According to Ki Young Ju, the decline in the price of the leading cryptocurrency can be explained by ongoing selling pressure from retail traders and investors, as well as the lack of inflow of new capital.
“A further 70% drop looks unlikely. At least until the largest Bitcoin holders begin selling their coins on the open market,” the analyst believes.
As the Bitcoin market has not yet found a true bottom, it is therefore unlikely that a rebound in quotations should be expected in the short term. Large players prefer to maintain a wait-and-see position amid uncertainty in global financial markets, the CryptoQuant top manager believes.
A prolonged decline may lead to a “further cleansing” of weak trader positions. Historically, such periods are accompanied by a decrease in asset volatility and a loss of interest from short-term speculators — in the future this will create the foundation for a bullish cycle, Ki Young Ju suggested.
Earlier, expert and former CEO of the BitForex crypto exchange Garrett Jin stated that Bitcoin is stuck in a phase of prolonged consolidation due to the exit of a large number of small speculators from the market.
See also: "Macro analyst: the mechanisms that fueled Bitcoin’s growth have exhausted themselves"
