CryptoQuant CEO Reveals the Level at Which Bitcoin's Decline Will Halt!

The CEO of CryptoQuant stated that a short-term correction in Bitcoin to $47,000 is possible.
CryptoQuant CEO Reveals the Level

How Far Will Bitcoin’s Decline Go?

The significant selling pressure on Bitcoin continues, with the BTC price dropping another 7.5% in the last 24 hours and falling below $54,000.

This latest selling pressure and decline coincided with the reactivation of wallets from the bankrupt crypto exchange Mt. Gox, which started moving Bitcoins to BitBank and other addresses.

Currently, the only question on everyone’s mind is: Where will the decline in Bitcoin stop?

On this topic, CryptoQuant CEO Ki Young Ju also made a statement. Ki Young Ju warned investors, stating that BTC could see a short-term correction towards $47,000.

Although the renowned CEO expects a short-term correction in Bitcoin, he emphasized that the bullish cycle is still ongoing.

At this point, the CryptoQuant CEO expressed his belief that the bullish cycle for Bitcoin has not yet ended, but a short-term correction to $47,000 is possible.

“From a long-term perspective, I think the bullish cycle has not yet ended. Looking at the realized prices for various wallet address groups, I believe a short-term correction could go down to $47,000.

If your funds are in spot, I think it would be better to hold your position until early or mid-next year.

I do not think the current levels are a good place to take advantage of futures trading.

We recommend taking a break and not trading until a strong buying trend forms. Of course, the decision is yours.”

As of the time of writing, Bitcoin continues to trade at $54,551.

Note: This is not investment advice

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