Bitcoin Bull Market Not Yet Overheated As BTC Forms Negative Correlation With Stock Market: CryptoQuant CEO – The Daily Hodl

The co-founder and CEO of CryptoQuant says that Bitcoin (BTC) is in a bullish trend that still has gas left in the tank, despite the king crypto suddenly smashing through $43,000.

Ki Young Ju tells his 327,800 followers on the social media platform X that based on an aggregate of key metrics used by CryptoQuant, Bitcoin has more upside potential.

“We’re in the bull market, thankfully not an overheated bull market.”

Source: Ki Young Ju/X

The analyst says that Bitcoin has flipped into a negative correlation with the S&P 500 (SPX) index, which he suggests indicates the king crypto is acting more as a store of value like gold, rather than a risk-on tech stock.

“Bitcoin entered a negative correlation with the S&P 500. It’s not a tech stock anymore. It’s the digital gold.”

Source: Ki Young Ju/X

Ju says the official start of the current Bitcoin bull market cycle began back in August when crypto whales started aggressively going long near the $29,000 mark.

“Whale traders opened giga long positions at $29,000.”

Source: Ki Young Ju/X

The analyst also suggests that another reason to remain bullish on Bitcoin is that retail investors have yet to significantly return to the crypto markets with their liquidity, meaning larger players won’t be able to efficiently exit their positions.

“Retail traders, the exit liquidity, have yet to join the market.”

Bitcoin is trading for $43,786 at time of writing, up 5.2% in the last 24 hours.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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