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CryptoQuant: Bitcoin to Dip Below $51K Despite Bullish Outlook

CryptoQuant: Bitcoin to Dip Below $51K Despite Bullish Outlook

Bitcoin may go below $51K, claims CryptoQuant CEO amid optimistic market views. 

Analysts indicate a likely drop in Bitcoin’s price despite long-term optimism.

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MicroStrategy gets $623 million worth of Bitcoin, strengthening trust in the crypto sector. 

Bitcoin has seen a significant slump today, with its price plunging over 7% to about $63,000. However, despite this setback, industry experts have various emotions about the future trajectory of the flagship digital asset. 

Meanwhile, amid the uncertainty, projections from significant players like CryptoQuant CEO, Ki Young Ju, offer insights into prospective scenarios for Bitcoin’s price movement. 

Bitcoin To Dip Below $51K Amid Bull Run 

In a recent study, CryptoQuant CEO Ki Young Ju identified troubling indicators in the Bitcoin market. He highlighted symptoms of short-term overheating and emphasized the potential for a correction, advising a maximum drop to $51,000 if market circumstances persist. 

However, Ju also noted the need to monitor retail investor activity and ETF demand as significant aspects impacting market dynamics. Despite conceding the prospect of a Bitcoin crash, Ju refrained from dismissing it outright, citing historical examples of 20-30% drawdowns during bullish cycles. 

Notably, he noted that observing corrections during a bull run is usual, confirming his bullish stance toward the flagship coin. Notably, the latest Bitcoin drop is partially related to the U.S. Spot Bitcoin ETF outflow mentioned yesterday due to a substantial outflux in Grayscale’s GBTC. 

In addition, several other analysts have shared the same sentiment, predicting a likely drop amid the bull cycle. For instance, a famous crypto analyst, Rekt Capital, forecasts a probable fall in Bitcoin’s price in the following days. 

Meanwhile, Rekt Capital stated that this correction could be part of a pre-halving retracement period, generally followed by a solid rise. Despite short-term volatility, economists remain bullish about Bitcoin’s long-term prospects, noting historical trends and the forthcoming Bitcoin Halving event. 

MicroStrategy Increases Bets Into The Flagship Crypto 

Amid the current market volatility, Michael Saylor’s MicroStrategy has bolstered the sentiment of the traders today. In a recent statement, MicroStrategy revealed acquiring an additional 9,245 BTC, totalling nearly $623 million

Meanwhile, this strategic acquisition is part of MicroStrategy’s continuous commitment to Bitcoin, leveraging convertible note issuance and excess cash reserves. With a total holding of over 214,000 BTC, MicroStrategy continues to cement its position as a prominent institutional participant in the cryptocurrency market. 

Notably, as of writing, the Bitcoin price was down 6.83% and switched hands at $63,351.23, with its trading volume increasing 70% to $69.18 billion. The BTC price has achieved a high of $68,106.93 and a low of $62,478.44 in the last 24 hours, illustrating the unpredictable trading conditions in the digital asset industry. 

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