• Bitcoin (BTC) is still in a bull cycle, as evidenced by low selling pressure from long-term holders.
• CryptoQuant CEO Ki Young Ju warns that lower selling pressure doesn’t guarantee a price increase.
• Stablecoin supply needs to be increased for the crypto market to remain calm.
Bitcoin Still in Bull Cycle Despite Correction
The co-founder and CEO of analytics platform CryptoQuant, Ki Young Ju, is analyzing Bitcoin (BTC) as the flagship crypto asset hovers nearly 10% below the 2023 high. According to Ju, BTC is still in a bull cycle due to the low selling pressure being witnessed as a result of the majority of the coins acquired or mined more than six months ago remaining static.
Stablecoin Supply Low
Noting that “Stablecoins for BTC are a good thing”, Ki Young Ju says that the crypto market is likely to remain calm until the supply of stablecoins rises. Last month, Ki Young Ju said that current level of stablecoin supply was low. The market cap of Tether (USDT) is currently $83.8 billion while that of its closest rival USD Coin (USDC) sits at $26.6 billion.
Lower Selling Pressure Not Guarantee A Price Increase
Ki Young Ju says that although lower selling pressure suggests BTC might not be in its cyclic top yet, it does not guarantee a price increase either way. He further emphasizes that people should buy Bitcoin using stablecoins when available in order for prices to increase again over time..
Impact Of High Dominance Of USDT
Ju also points out that USDT has been dominating other stablecoins lately which could have an impact on future market movements and pricing trends if this trend continues for much longer periods of time with no significant changes seen from other coins like USDC or DAI etc.,
Conclusion
Overall, it appears that there are some positive signs indicating an upcoming rally before any major bearish action takes place; however investors need to keep an eye on their investments and watch out for any sudden shifts in prices or news related developments within crypto markets and beyond so they can take necessary precautions accordingly if needed..