Summary: Ki Young Ju who’s the CEO of infamous CryptoQuant said that the recent Bitcoin rally which is driven and supported by huge whale accumulation and mining economics. He believes that this surge is very similar to the 2020 bull phase. Bitcoin currently is being traded at $97,444 as it comes closer and closer to $100,000.
Whale Accumulation Drives Rally
Ju was previously criticized for sharing how he believes whale accumulation is surging the BTC valuation but now Ju’s truth is highlighted by the insane surge as whale accumulation have been a major factor in Bitcoin’s valuation increase.
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Halving Impact on Mining Economics
Ju explained how higher Bitcoin prices are very necessary to maintain profitability for miner, and after the April halving, the mining rewards was reduced to mere 3.125 BTC while also doubling mining costs. This has added upward pressure on the market.
Short Squeeze Potential
As many more traders and investors are shorting Bitcoin, Ju highly believes that a short squeeze could potentially fuel the flame and further the bullish momentum. Which seems just parallel to what happened during 2020’s sixfold surge. He stressed his tone and emphasized that the recent conditions including political aspect greatly supports sustainable growth, however, he’s also cautious as the timing remains uncertain.
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