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

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 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.

The above is the detailed content of Bitcoin Enters a State of Euphoria as BTC Continues to Hold Above the $90000 Mark, CryptoQuant CEO Says. For more information, please follow other related articles on the PHP Chinese website!