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With Bitcoin trading at around the $20,000 level for weeks now after hitting a low not seen since November 2020 of under $18,000, there are some that believe the market is not in such a bad shape and that confidence is still present.
On chain analyst and CEO of CryptoQuant, Ki Young Ju, tells his followers on Twitter that despite the recent sell-off, investors are waiting on the sidelines ready to jump in when the time is right. He said:
“Everyone is talking about bearish things, but most of them haven’t left the crypto market. They’re just waiting for the bottom.
Bitcoin’s marketcap decreased by -70% from the top while stablecoin went down by just -11%.”
According to Ju, it is just a matter of time before the market’s recovery sets in. He notes:
“Stablecoins sitting in exchanges are now worth half of Bitcoin’s reserve.
We have $25B loaded bullets which can make crypto asset prices go up. The question is when, not how.”
At time of writing, Bitcoin is moving hands at $19,422 according to CoinMarketCap data.