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**CryptoQuant Head: Bitcoin’s Upward Surge Has Concluded**
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Ki Young Ju, the creator and Chief Executive Officer of CryptoQuant, a notable on-chain data compiler, has conveyed his assessment of the present Bitcoin marketplace, portraying a somewhat somber outlook for the upcoming six to twelve months. XRP Shows Strong Resistance to Bitcoin: Details
Per Ju, the Bitcoin phase has seemingly arrived at its conclusion, and dealers shouldn’t anticipate any considerable optimistic upswings anytime soon. Crypto journalist and blogger Colin Wu contributed, providing his individual understanding of Ju’s perceptions.
**The Celebration Ends for Bitcoin Optimists**
Ju displayed a graphic depicting the periodic signals of Bitcoin’s Profit & Loss Index, implying that optimistic anticipations for Bitcoin’s subsequent action might be misguided. The CryptoQuant leader opines that numerous on-chain indicators suggest the ending of the existing Bitcoin phase.
Ju foresees a probable downturn or lateral trading for Bitcoin throughout the subsequent six months to a year. He observes that current solvency is diminishing, and fresh large-scale investors are presently unloading their BTC assets at reduced rates.
> Every on-chain gauge is pessimistic. Current solvency is lessening, and fresh large-scale investors are vending Bitcoin at inferior rates. @cryptoquant_com users who enroll in my alerts obtained this signal days earlier. I presume they’ve modified their holdings, thus I’m posting… pic.twitter.
Ki Young Ju also utilizes Principal Component Analysis to compute on-chain measurements such as MVRV, SOPR, and NUPL, determining 365-day moving averages to identify trend alterations. Certain detractors have indicated that Ki Young Ju’s market signals in 2020 weren’t entirely precise.
## Mike McGlone: Bitcoin Might Fall Back to $10,000
Recently, Bloomberg’s chief commodity planner, Mike McGlone, communicated his pessimistic view on Bitcoin’s prospects. He anticipates Bitcoin could plummet from $100,000 (its value earlier this year) entirely back to $10,000 – essentially eliminating a zero.
McGlone is making comparisons between Bitcoin now and the dot-com surge of the early 2000s. During that time, the Nasdaq 100, which monitors prominent tech firms, collapsed approximately 80% following a significant increase. He considers Bitcoin might be forming into a comparable bubble, potentially breaking later this year.
McGlone also mentioned that gold ETFs are observing substantial inflows while Bitcoin ETFs are encountering considerable outflows. He implies gold could reclaim market dominance from Bitcoin in 2025.
He also emphasized that the U.S. stock market is presently declining, and Bitcoin’s fluctuations are intimately associated with the S\&P 500.
