After Monday’s market crash, concerns surfaced about Bitcoin’s bull run. However, Ki Young Ju, CEO of CryptoQuant, remains positive, citing several bullish on-chain indicators. The Bitcoin hashrate is nearing an all-time high, indicating miner stability. Significant Bitcoin inflows into custody wallets suggest whale accumulation. Retail investor participation remains low, reducing volatility. Long-term holders aren’t contributing to selling pressure.
Bearish concerns include macroeconomic risks and recent activities by entities like Jump Trading and Binance. Some on-chain indicators have turned borderline bearish. The Bull-Bear Market Cycle Indicator has flagged potential bear phases. Despite these, Ju is optimistic that Bitcoin could reach a new all-time high if it stays above $45K, trading at $56,639 at press time.