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The founder and CEO of market analytics firm CryptoQuant believes that the involvement of top-tier financial institutions in Bitcoin (BTC) could trigger the biggest bull run to date.
Influx of Investors into BTC
In a new post, Ki Young Ju told his followers on social media platform X that he expects an explosive Bitcoin bull cycle with the help of traditional finance (TradFi). TradFi companies have increased their participation in the leading cryptocurrency by enabling investors to gain exposure to BTC through exchange platforms without having to actually purchase the cryptocurrency, following the recent approval of spot market BTC exchange-traded funds (ETFs). The expert stated the following:
With TradFi’s entry into the market, the next bull run is expected to be faster and more spectacular than the previous one.
Bitcoin’s $35,000 Target
The CEO also mentioned that Bitcoin is currently undergoing a short-term correction but is expected to rise sharply in the end. He shared a Fibonacci analysis by popular crypto analyst Nunya Bizniz, which suggests that the market value of the largest cryptocurrency could drop to the $35,000 level. The analyst included these remarks:
This technical analysis fits my narrative. Short-term correction, then only upward. The maximum drop could be around 30%. To predict the target of a potential local pullback, use trend-based Fib extension. The last four made a bottom around 23.6%. $35,000 would be a 30% drop. Enough to satisfy the bears?
Investors use Fibonacci in technical analysis to predict profit targets and price retracements. Bitcoin was trading at $39,776 with a slight increase over the last 24 hours at the time the article was written.
