Bitcoin Bulls vs Bears: CEO Warns of Market Turning Point

Bitcoin's on-chain metrics, as per CryptoQuant CEO Ki Young Ju, suggest that the cryptocurrency is currently at a pivotal point between a bull and a bear market. In a recent social media post, Ju shared his insights on the state of the Bitcoin market, indicating that the longest bull market in history could be underway, although he acknowledged the possibility of being incorrect.

Ju emphasized the need for at least another month of data to confirm whether the market is entering a bearish phase. He cautioned that if demand does not recover, the indicators may fully display a downward trend. Historically, the bull market has been expected to last until April 2025, with the next month or two being a crucial turning point for the Bitcoin market.

Ju expressed his willingness to admit his mistake if every indicator confirms a downward trend and promised to publish relevant content in such a scenario. However, he maintained his belief that the probability of Bitcoin dropping below $77,000 is low. Even in the worst-case scenario, Ju expects Bitcoin to consolidate around $77,000 for a few months before resuming its upward trajectory.

Ju advised against heavily leveraged directional bets, whether long or short, given the current market conditions. His analysis highlights the importance of closely monitoring on-chain metrics and exercising caution when making investment decisions in the volatile cryptocurrency market.