Bitcoin Enters a State of Euphoria as BTC Continues to Hold Above the $90000 Mark, CryptoQuant CEO Says-web3.0-php.cn

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Bitcoin Enters a State of Euphoria as BTC Continues to Hold Above the $90000 Mark, CryptoQuant CEO Says

Linda Hamilton

Nov 20, 2024 am 06:56 AM

Bitcoin CryptoQuant CEOEuphoric Phase

By Shaurya Shubham- The CEO of analytics firm CryptoQuant says that Bitcoin has officially entered into a state of euphoria as BTC continues to hold above the $90000 mark.

Bitcoin Enters a State of Euphoria as BTC Continues to Hold Above the 000 Mark, CryptoQuant CEO Says

Bitcoin has officially entered into a state of euphoria as BTC continues to hold above the $90,000 mark, according to the CEO of analytics firm CryptoQuant.

Ki Young Ju says that BTC is entering a “euphoric phase” that began shortly after the US Presidential election.

“Bitcoin euphoria is here.

99.3% of UTXOs (unspent output in transactions) are in profit now. Everyone’s happy. This euphoric phase typically lasts 3–12 months (except Nov ’21 bull trap).

This started 2 weeks ago. Shorting now could be either catching the top—or shorting at the bottom of a parabolic bull run.”

BTC is worth $92,590 at the time of writing, a rise of over 32% in the last two weeks.

Meanwhile, the CEO of CryptoQuant says that BTC and ETH’s movements are becoming less connected.

“ETH is becoming less correlated with BTC.

The 180-day BTC-ETH Pearson correlation is at a three-year low. A 10% rise in Bitcoin could result in only a 3% gain for Ethereum.

Just because BTC is strong doesn’t mean you should buy ETH. Each asset is now following its own path.”

ETH is trading for $3,123 at the time of writing, up nearly 28% in the last two weeks.

On Wednesday, Young Ju stated that signs of retail participation in the Bitcoin bull market were getting stronger.

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