Bitcoin Price Actions: Transactions Flunctuate Around $70,000, Triggers Predictions
The price of Bitcoin (BTC) has frequently seen a reversal lately after transactions in the range above $70,000, the cryptocurrencies have difficulty gaining a solid grip on this region.
Nevertheless, historical data suggests that this kind of price fluctuation, along with trading inside a predetermined range, is encouraging for the cryptocurrency’s value.
Ki Young Ju: A Pioneer in Crypto Quantitative Analysis
For organizations and seasoned cryptocurrency investors, CryptoQuant is a top-tier and reliable supplier of on-chain and market data analytics. Access to a variety of off-chain and on-chain data, including proprietary metrics, is made possible by some distribution methods.
Ki Young Ju is a well-known personality in the Bitcoin world and the creator of Crypto Quant.
By comparing it to a comparable time in the prior market cycle, Ki Young Ju has identified this possibly positive price indication. In fact, the present volatility of Bitcoin’s price closely parallels a comparable phase in 2020, which ultimately resulted in BTC reaching an all-new record high.
Bitcoins Price Past Successes Predict a Bright Future
According to historical statistics, the price of Bitcoin remained around $10,000 between March and August of 2020. Whenever it attempted to break through that price barrier, it encountered tremendous opposition. However, the turning point came in early August when Bitcoin surpassed $10,000. At the end of the year, it exceeds $20,000.
During that period of consolidation, Bitcoin saw minimal fluctuation. Although total number of these transactions within a specific time frame remains comparatively high, as noted by Ki Young Ju.
The same pattern eventually starts becoming apparent in the last few weeks. Bitcoin whale wallets have received inflows totaling approximately $1 billion. These substantial inflows demonstrate substantial interest in Bitcoin, that is evidently driven by the Bitcoin ETFs. This could have the same impact as it did in the previous market crash.
Notably, the founder of Crypto Quant issued a similar appeal in 2020, coinciding with an unparalleled surge in Bitcoin transaction as it hit its record high.
It is unclear at this point if the present trend of Bitcoin’s price will resemble that of the last market cycle, particularly in relation to breaking through a resistance level that has been in place for several months. Many seasoned market watchers predict a recurrence and believes the cryptocurrency will reach the six-figure area in the coming year.
