Bitcoin CEO: Bull Market Far From Over Despite Monday's Retrace

The CEO of market intelligence firm CryptoQuant, Ki Young Ju, has reiterated his bullish stance on Bitcoin (BTC), stating that the flagship cryptocurrency's recent surge is a confirmation of his belief in the ongoing bull market. In a series of tweets, Ju expressed his satisfaction with his earlier prediction, noting that as long as BTC does not fall significantly below the $75,000 level, the bull market is far from over.

Bitcoin's price surged over the weekend, climbing from around $84,000 to approximately $94,000. This rally was partly driven by deep-pocketed investors, or "whales," using the top US crypto exchange Coinbase, according to Ju. He attributed the surge to these high-net-worth individuals, stating, "Coinbase whales led this Bitcoin surge."

Ju also pointed to other metrics that support his bullish outlook, including Bitcoin's hash rate. The hash rate measures the computational power used by miners to secure the BTC network. A higher hash rate indicates a stronger network and better security. Ju believes that when investment in network security stops, it is likely that Bitcoin has absorbed enough capital, signaling a potential selling opportunity.

The Market Value to Realized Value (MVRV) indicator, which assesses whether Bitcoin is undervalued or overvalued, also suggests that the price of the flagship crypto asset is likely to rise based on historical precedence. Ju noted that Bitcoin's on-chain indicators feel "unfinished," implying that there is still room for growth in the market.

Despite the recent rally, Bitcoin experienced a retrace on Monday, dropping to around $83,284 at the time of writing. This decline was partly attributed to the Trump tariff news, which caused a sell-off in the stock market. However, Ju's bullish stance remains unchanged, as long as BTC does not fall significantly below the $75,000 level.