Ki Young Ju, the CEO of analytics firm CryptoQuant says that signs of retail participation in the Bitcoin (BTC) bull market are getting stronger.
Ju tells his 369,000 followers on the social media platform X that sub-$100,000 transactions on the Bitcoin blockchain have spiked, implying that smaller retail entities are starting to form positions in BTC.
“Retail investors are coming: Bitcoin transaction volume under $100K hit a 3-year high.”
On the other hand, Ju shares data suggesting that larger entities are much less involved now compared to late 2021 at the bull market’s top, suggesting that BTC isn’t ready to enter a bear market.
“Here’s Bitcoin transaction volume over $1M.
If I were a giga whale, I’d wait for more exit liquidity. It’s just starting. Imagine retail in FOMO joining at $100K.
We might see some corrections, but it wouldn’t mark the start of a bear market, in my opinion.”
Using the realized cap metric, which measures the cumulative sum of all realized profits minus realized losses, Ju shares a chart pinpointing potential future bear market floors and bull cycle tops.
The analyst says that $135,000 is a potential price target in its current market cycle.
“We’re in the bull market. Bitcoin will go up.
Apologies for my off prediction on the short-term correction. I wasn’t implying a bear market, just a correction.
Based on the cumulative capital flowing into the Bitcoin market, the current upper limit appears to be $135K.”
At time of writing, BTC is trading at $92,114.
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