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‘Boring’ Bitcoin Is an Opportunity, Says CryptoQuant CEO
Alex Dobnya
Bitcoin may be ‘boring’ right now, but it’s also a good buying opportunity, according to CryptoQuant’s Ki Young Ju
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According to Ki Young Ju, founder and CEO of cryptocurrency analytics firm CryptoQuant, Bitcoin, the flagship cryptocurrency, is still in a bull market.
This is despite the cryptocurrency having undergone several significant corrections during this cycle. It is currently down 14% from its all-time high of $73,737 reached in March following the successful launch of several exchange-traded funds.
Ju described the current price action as “boring,” adding that it presents an opportunity for investors. He said this is the perfect time for whales to start accumulating the largest cryptocurrency.
A chart attached by Ju shows that the leading cryptocurrency is experiencing extremely weak market activity based on Garman-Klass realized volatility indicators.
Earlier today, the price of Bitcoin hit an intraday high of $63,694, according to CoinGecko data. At press time, it is trading at $63,182, up 2.8% over the past 24 hours.
Travis Kling of Ikigai Asset Management recently commented that the recent correction is understandable due to fears of oversupply.
Meanwhile, some respected analysts believe that the cryptocurrency has yet to reach its peak. Fundstrat’s Tom Lee, for example, continues to support his Price Prediction $150,000.
AS reported by U.TodayPeter Brandt, a prominent commodity trader, also predicted that the leading cryptocurrency could peak at $150,000 during this cycle. However, he believes that there is still a decent chance that the flagship cryptocurrency will fail to record a new peak and will fall to the $55,000 level.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written over 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.