U.Today - Amid the ongoing volatility of digital currency prices, Ki Young Ju, the CEO of CryptoQuant, has shared new insights into the market. Young Ju strongly believes that the broader crypto market remains in a bullish cycle despite price drops and "extreme fear."
Bitcoin’s correction normal, not bear market signal
He argued that Bitcoin (BTC), the leading digital currency, has not shed up to 30% of its value from its all-time high (ATH).A 30% drop would see the price of BTC plunge to $77,000. Such a crash would signal intense volatility in the crypto space, with notable consequences.
However, according to Young Ju, even if it does, such a pullback would not necessarily mean or signal the start of a bear market.
He insists that it simply suggests that Bitcoin is witnessing a significant price correction, which is normal and historically common within bull cycles.
The CryptoQuant CEO said that if BTC dips to its maximum pain point of $77,000, it simply reflects previous bull market patterns. In this situation, crypto asset prices record sharp corrections before continuing upward.
Former Binance CEO Changpeng Zhao shared the same sentiment, noting that investors do not need to panic.
Bitcoin holds $89,000 as trading volume soars
As of press time, the Bitcoin price is changing hands at $89,227.80, marking a 6.85% drop in the last 24 hours. BTC had previously slipped to $86,873.15 in earlier trading, raising concerns.Despite this intense volatility, market participants remain actively trading the coin. BTC’s current trading volume has jumped by a massive 210.90% to $75.81 billion in what some consider an accumulation frenzy.
Interestingly, BTC was on a $100,000 price journey and looked set to flip the level before the Bybit hack last week.
Since then, the price volatility has prevailed even as investor confidence remains unshaken amid the sell-off.
Analysts consider the next couple of days to be critical to the price direction of Bitcoin on the crypto market. A positive shift would help boost sentiment in the broader space.