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- Cryptoquant founder Ki Young Ju suggests a positive outlook for Bitcoin, with predictions that traditional financial institutions and governments will announce Bitcoin acquisitions in Q3 2024.
- Bitcoin’s price has rebounded sharply from recent lows, surging over 15% to exceed $57,500.
While the broader crypto market has experienced strong volatility over the past weeks, Bitcoin whales have been buying at every dip. According to on-chain data, Bitcoin permanent addresses have accumulated more than $23 billion worth of BTC over the past month.
In the latest post on X, Cryptoquant founder Ki Young Ju noted that something major has been happening “behind the scenes.” He added that in the last 30 days, Bitcoin HODLers have accumulated 404,448 BTC despite the market dips. This shows a high level of confidence among institutional players and whales willing to buy at every dip.
Ju predicted that in a year’s time, all TradFi institutions, governments, and other firms “will announce that they’ve acquired Bitcoin in Q3 2024″. “And retail investors will regret not buying it because they were worried about the German govt selling Mt. Gox or whatever macroeconomic shit was going on,” he added.
Furthermore, Ju also cited bullish factors associated with the Bitcoin miner’s activity. He said that the BTC miner capitulation is nearly over, as the hashrate reached its all-time high levels, and US mining costs are now around $43,000.
“Retail investors are largely absent, much like in mid-2020,” he stated, noting that there has been “reduced activity among old whales.” Long-term holders of over three years sold between March and June, but there is “no significant selling pressure from old whales at this time.”
Bitcoin Price Recovery to $60,000
After hitting a low of under $50,000 on Monday, the Bitcoin (BTC) price has surged more than 15%, shooting past $57,500 as of press time, per the CNF report.
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The CryptoQuant founder stated that as long as the Bitcoin price sustains above 45,000, there’s every possibility that it can recover to an all-time high within the next year. “Based on this data, I believe the bull market is still intact. If the market doesn’t recover in two weeks, I’ll reconsider. I follow the smart money, so if I’m wrong, it means the new whales are either misguided or underestimated the macro environment,” he wrote.
As long as the #Bitcoin price stays above $45K, it could break its all-time high again within a year, imo.
Some indicators are showing bearish signals. However, they could still recover with a rebound, so we need to watch if it stays at this level for a week or two.
If it… https://t.co/FnqafcQcjp pic.twitter.com/fJiM2btQeF
— Ki Young Ju (@ki_young_ju) August 6, 2024
As institutional interest in Bitcoin grows, a $40 billion wealth manager has recently become exposed to the Bitwise Bitcoin ETF, according to the CNF report.
On the other hand, US senators have received 2,200 letters asking them to hold Bitcoins as a reserve asset. Furthermore, former President Donald Trump also warned of the potential dangers of selling more BTC from its reserves, reported Crypto News Flash.
