Ki Young Ju, CEO of on-chain data platform #CryptoQuant, says it's time to break into Bitcoin (BTC). Ki Young Ju shares critical forecasts for the market and BTC.
CryptoQuant CEO: It's time to put all the chips in Bitcoin!
In a new tweet, CryptoQuant CEO Ki Young Ju tells his 124,600 followers that he believes it's time to put all of their chips in the world's largest cryptocurrency. To support the bullish call, Ki Young Ju points to the correlation between the Bitcoin price and the stablecoin rate, a measure that divides BTC reserves by all stablecoin reserves stored on exchanges .
Source: Ki Young Ju / Twitter
According to the CryptoQuant CEO, the sharp drop in the stablecoin rate indicates that Bitcoin and the wider crypto market are preparing for the next phase of growth. Ki Young Ju adds:
THE CRYPTO MARKET IS GETTING BETTER IN TERMS OF SUPPLY AND DEMAND. THANKS TO THE INCREASE IN USDC, THERE ARE RELATIVELY MANY STABLECOINS ON ALL EXCHANGES. BTC ASSETS ARE FALLING RAPIDLY. HERE IS THE RELATIONSHIP BETWEEN USD, BTC HOLDINGS AND STABLECOIN HOLDINGS ON ALL EXCHANGES.
Ki Young Ju: Buying signals are blinking in the Stablecoin market!
Alongside the falling stablecoin rate, Ki Young Ju says buy signals are blinking in the stablecoin market. Ki Young Ju adds:
FOR ALL STABLECOINS, THE NUMBER OF EVENTS IS ON THE RISE. THE
NUMBER OF REDEEM ACTIVITY IS DECREASING. STABLECOINS CIRCULATING IN SUPPLY AND STOCK MARKET ASSETS HIT AN ALL-TIME HIGH YESTERDAY. FEWER PEOPLE MAKE MONEY, MORE PEOPLE BUY STABLECOIN VIA FIAT TO BUY CRYPTOCURRENCY. RISE….
Source: Ki Young Ju / Twitter
CryptoQuant CEO successfully predicted Bitcoin's latest move
As Bitcoin threatened to break $ 60,000 on March 17, Ki Young Ju looked at the stablecoin market and said it would take longer for BTC to launch another rally. Because according to Ki Young Ju, there are a lot of BTC holdings in USD compared to stablecoin holdings on exchanges. According to CoinMarketCap, eight days after Ki Young Ju's tweet, BTC dropped to $ 50,858. Bitcoin is being traded at $ 57,900 at the time of writing