Ki Young Ju further predicts that within a year’s time, several entities ranging from traditional financial institutions to governments and corporations will acquire their Bitcoin acquisitions during the third quarter of 2024.
Despite all the noise around the crypto market crash and a panic-like situation earlier this week, the Bitcoin long-term holders aka HODLers have been accumulating throughout the last month, per the on-chain data.
As reported by CryptoQuant CEO Ki Young Ju, the Bitcoin “permanent holder addresses” have added a staggering 404,448 worth a staggering $23 billion in the past 30 days. As per the below chart, the BTC holdings of these permanent addresses have once again reached closer to their all-time high.
Courtesy: CryptoQuant
Ki Young Ju further predicts that within a year’s time, several entities ranging from traditional financial institutions to governments and corporations will acquire their Bitcoin acquisitions during the third quarter of 2024.
He also said that retail investors would regret not buying BTC during the dip opportunities. So far, retail investors have stayed on the sidelines amid issues of Mt. Gox situation, macroeconomic factors, and the German government’s potential sales.
In the last two days, the concerns about the US recession have abated for the time being, leading to a strong bounce in the US and Japan’s market. This has also translated into a strong recovery in the crypto market with BTC and altcoins seeing over 15% recovery from its Monday lows.
Bitcoin Price Eyeing Recovery Above $60,000
Ki-young Ju stated that as long as the Bitcoin price stays above $45,000, it can rally further all the way to hitting new all-time highs within the next year. Earlier this week, the BTC price plummeted under $50,000 twice before bouncing back.
Ju noted that although a few signals are bearish at the current stage, he expects a rebound within the next two weeks. However, Ju added that if the signals continued to remain bearish for a month or more, it would decrease the odds of a recovery.
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
Altcoins have joined the party as well with Ethereum gaining past $2,500. Moreover, the inflows into spot Ethereum ETFs have also surged despite the high market volatility in the last two days.
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