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A CryptoQuant executive says he is bullish on Bitcoin (BTC) despite the major crypto’s tough week.
Chain analytics firm chief executive Ki Young Ju said some of Bitcoin’s fundamental metrics are showing signs of rising after a week that saw the crypto king fall nearly 15% from his high of $ 52,774.
Ki Young Ju recount its 245,600 followers on Twitter that Bitcoin’s supply on the stock exchanges is approaching its 2021 lows, which can be interpreted as a bullish signal as it likely lowers the risk of massive sell-offs.
“The supply of BTC on the exchanges is about to break its previous low. I hope to see another sell-side liquidity crisis on Bitcoin.”
Source: CryptoQuant
The CryptoQuant head too said crypto whales moving Bitcoin into derivatives exchanges, another potentially bullish indicator.
“Whales send BTC to derivatives exchanges on other exchanges to create new positions or fill margins.
If you look at the historical data, the price goes up in the long run after it has accumulated. Their positions appear to be long positions.
Ki Young Ju has previously claimed that he believes Bitcoin will skyrocket to $ 100,000 this year.
“No doubt it will hit $ 100,000 this year, but in the short term, if we didn’t see significant buying pressure from Coinbase Pro, I think BTC would be bearish.”
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