Bitcoin To Dip Below $51K, CryptoQuant CEO Predicts Despite Bullish Outlook

Bitcoin has witnessed a significant downturn today, with its price plunging over 7% to approximately $63,000. However, despite this setback, industry leaders maintain varied sentiments regarding the future trajectory of the flagship digital asset.

Meanwhile, amid the uncertainty, predictions from key figures like CryptoQuant’s CEO, Ki Young Ju, offer insights into potential scenarios for Bitcoin’s price movement.

Bitcoin To Dip Below $51K Amid Bull Run

In a recent assessment, CryptoQuant CEO, Ki Young Ju, highlighted concerning indicators in the Bitcoin market. He noted signs of short-term overheating and emphasized the potential for a correction, suggesting a maximum drawdown to $51,000 if market conditions persist.

However, Ju also pointed out the importance of monitoring retail investor activity and ETF demand as significant factors influencing market dynamics. Despite acknowledging the possibility of a Bitcoin crash, Ju refrained from dismissing it outright, citing historical precedents of 20-30% drawdowns during bullish cycles.

Notably, he said that it is normal to witness corrections during a bull run, suggesting his bullish outlook toward the flagship crypto. Notably, the recent Bitcoin crash is partially attributed to the U.S. Spot Bitcoin ETF outflow noted yesterday, due to a robust outflux in Grayscale’s GBTC.

In addition, several other analysts also echoed the same sentiment, suggesting a potential pullback amid the bull cycle. For instance, a prominent crypto analyst Rekt Capital predicts a potential correction in Bitcoin’s price in the coming days.

Meanwhile, Rekt Capital suggested that this correction could be part of a pre-halving retracement phase, typically followed by a robust uptrend. Despite short-term volatility, analysts remain optimistic about Bitcoin’s long-term prospects, citing historical patterns and the upcoming Bitcoin Halving event.

Also Read: Genesis Agrees $21 Million Settlement With SEC Over Gemini Earn

MicroStrategy Increases Bets Into The Flagship Crypto

Amid the ongoing market volatility, Michael Saylor’s MicroStrategy has bolstered the sentiment of the traders today. In a recent statement, MicroStrategy announced acquiring an additional 9,245 BTC, amounting to approximately $623 million.

Meanwhile, this strategic acquisition comes as part of MicroStrategy’s ongoing commitment to Bitcoin, leveraging convertible note offerings and excess cash reserves. With a total holding of over 214,000 BTC, MicroStrategy continues to assert its position as a major institutional player in the cryptocurrency space.

Notably, as of writing, the Bitcoin price was down 6.83% and exchanged hands at $63,351.23, with its trading volume soaring 70% to $69.18 billion. The BTC price has touched a high of $68,106.93 and a low of $62,478.44 in the last 24 hours, reflecting the volatile trading scenario in the digital asset space.

Also Read: ZachXBT Warns Against Scam As Solana Meme Coins Raise $122M In Presale

✓ Share:

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.