Bitcoin fell from the $73,000 level it reached last week to $60,000 this week, while Ki Young Ju shared his expectations on X. CryptoQuant CEO stated that Bitcoin is still in the middle of the bull season.

“$51K is max drawdown”

Stating that the declines in Bitcoin should be seen as a correction due to short-term sharp rises, Ju said:

“Bitcoin market shows short-term overheating. Not the cyclical top yet; retail investors have not fully entered the market, and ETF demand needs monitoring. Undergoing correction; $51K if max drawdown 30%, new whales (ETF buyers) entered at $56K on average.”

“The effect of Halving will be seen later”

CryptoQuant CEO, who also spoke for the upcoming halving in Bitcoin, said that pricing here will be seen after, not before:

“Bitcoin market is fueled by spot ETFs, not by the halving event. After the halving, mining expenses will double, pushing miners to keep certain prices for mining profitability. Direct cost per coin will rise to approximately $37,000, but at $63,000, it’s no longer a problem for them.” he said.

Bitcoin is trading approximately $67,000 at time of writing.