Despite the leading cryptocurrency’s rough week, a top executive at CryptoQuant is bullish on Bitcoin (BTC).
According to Ki Young Ju, CEO of the on-chain analysis firm, a few of Bitcoin’s fundamental metrics are showing signs of improvement following a week in which the king cryptocurrency fell nearly 15% from its high of $52,774.
Ki Young Ju informs his 245,600 Twitter followers that the supply of Bitcoin on exchanges is approaching its 2021 lows, which can be interpreted as a bullish signal because it reduces the risk of major sell-offs.
“BTC supply on exchanges is on the verge of breaking its previous low. I expect another sell-side liquidity crisis on Bitcoin.”
Another potentially bullish indicator, according to the CryptoQuant CEO, is crypto whales moving Bitcoin into derivative exchanges.
“Whales are sending BTC from other exchanges to derivative exchanges to hedge new positions or fill margins.
According to historical data, the price rises in the long run after accumulation. Their positions appear to be long.”
Ki Young Ju previously stated that he believes Bitcoin will reach $100,000 this year.
“There is no doubt it will reach $100,000 this year, but in the short term, if we do not see significant buying pressure from Coinbase Pro, I believe BTC will be bearish.”