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**Top Analyst Asserts Bitcoin’s Positive Trend Isn’t Concluded**
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Amidst the current instability in virtual currency values, CryptoQuant’s Chief Executive Officer, Ki Young Ju, has provided updated observations on the market. Young Ju strongly contends that despite severe market anxiety and value declines, the wider digital currency market remains inside a positive trend.
**Bitcoin’s Decline Is Typical, Not an Indication of a Negative Market**
He claims that Bitcoin (BTC), as the primary virtual currency, hasn’t yet encountered a 30% decrease from its highest historical value (ATH).
Should a 30% decrease happen, Bitcoin’s value would diminish to $77,000. Such a substantial reduction would signify considerable instability in the crypto sphere, with significant repercussions.
Nevertheless, according to Young Ju, even if this occurs, such a decline doesn’t automatically suggest or signal the commencement of a negative market.
He maintains that it simply implies that Bitcoin is undergoing a considerable value adjustment, which is typical and prevalent both historically and within positive trends.
The Chief Executive Officer of CryptoQuant declared that if Bitcoin were to decrease to its maximum stress threshold of $77,000, it would merely mirror prior positive market behaviors. In such instances, crypto asset values undergo abrupt pullbacks before resuming their upward path.
Former Binance Chief Executive Officer Changpeng Zhao has also articulated comparable opinions, observing that investors shouldn’t be alarmed.
**Bitcoin Remains at $89,000, Trading Activity Increases**
At the time of writing, Bitcoin is valued at $89,227.80, showing a 6.
Bitcoin had an unstable day, falling a stunning 85% and briefly reaching a low of $86,873.15, which caused widespread anxiety among backers.
Despite this sharp price decline, dealers are vigorously purchasing and unloading Bitcoin. Trading size has risen by 210.90%, reaching a huge $75.81 billion, which some specialists interpret as a purchasing craze. Solana Contracts on CME: A Lukewarm Greet? Perhaps Not
Bitcoin almost touched the $100,000 mark recently and was on pace to break through that level before Bybit, a well-known digital currency exchange, was hacked last week.
While backers have remained strong during the sell-off, price instability has been a constant issue since then.
Market specialists think the next few days will be crucial for Bitcoin’s price action within the digital currency market. A favorable shift could help restore faith in the broader market.
