Key Highlights:
- Bitcoin surged past $93,000, reaching a 7-week high of $94,700, rekindling optimism in the market.
- Despite this, CryptoQuant CEO Ki Young Ju remains cautious, stating Bitcoin must surpass $100,000 to confirm a true bull trend.
- Ju cites declining liquidity, falling ETF inflows, and the strong resistance at $100K as reasons for his skepticism.
- Historical dips, such as the April 7 fall to $74,000, reinforce his belief in underlying market fragility despite the rebound.
- Ju emphasizes on-chain fundamentals over price action, warning of false signals in volatile news-driven environments.
Contrasting Views:
- Miles Deutscher sees the current move as a healthy correction and part of a long-term bullish trend, referencing his “Paradise Money Noodle” indicator.
- Veteran trader Peter Brandt, once concerned about resistance levels, has revised his outlook and now leans bullish.
Conclusion:
While Bitcoin’s recovery is impressive, $100,000 remains the psychological and technical barrier. According to Ju, only a break above this level will solidify a confirmed bull market. Until then, the market remains in a state of cautious optimism and divided sentiment.