CryptoQuant CEO Apologizes for Incorrect Bitcoin Forecast

CryptoQuant CEO Kee Young Ju publicly apologized for for wrong prediction about the end of bitcoin’s bull cycle published two months ago. According to him, the pressure from sellers of the first cryptocurrency is decreasing, and significant funds are coming into the market through exchange-traded funds (ETFs). Previously, bitcoin’s dynamics were driven by three groups: miners, whales, and retail investors. When liquidity from new participants dried up and large holders started to fix their profits, a chain reaction of sell-offs started; Now, the market structure has become more complex, with ETFs, companies like Strategy, institutional investors and even government entities entering the market in addition to the traditional players, Ju said. “The old model of cycles no longer works. Now it is important not to track whale sell-offs, but to assess the volume of new capital from institutional and ETFs. This inflow can even compensate for the mass exit of large holders,” said CryptoQuant CEO. Despite the growth of bitcoin price, the analyst calls the current market “sluggish”. Most indicators are balancing on the edge, not giving clear signals, he explained; That said, Ju emphasized: an error in prediction doesn’t mean that onchain metrics have lost value. “Data remains data. Different analysts can interpret them in their own way,” the expert added. He promised to improve the quality of expertise and take into account new factors, including the integration of the first cryptocurrency with traditional finance. After $100,000, Is $180,000 the Next Target? That’s the Level Technical Analysts Are Eyeing On the weekly chart of bitcoin after the upward breakout of the “bull flag” pattern, a further rise to $182,000 is possible – to the growth range before the downward consolidation. Such a scenario presented in Cointelegraph. The CoinDesk suggested parallels to two patterns of digital gold rallying at the end of 2024, when the rate soared from $70,000 to $109,000. The first involves the MACD indicator. The metric turned bullish in mid-October, confirming the upward trend by December. Currently, the indicator has only approached the neutral level. Its overcoming upward will mark the formation of ‘bear trap’ in March-April. The second indicator consists of a combination of the 50 DMA and 200 DMA. About four weeks ago, the moving averages formed a “death cross” which was not confirmed. Recently, the “fast” DMA began to grow and may now cross the “slow” DMA from bottom to top, forming a “golden cross” in the coming weeks. A similar signal occurred last August with the subsequent ATH update. From scenarios to levels An analyst under the nickname AlphaBTC listed a rally to $106,000 as the immediate target. Analyst and founder of MN Trading Michael van de Poppe has a similar opinion. The expert singled out the zone between $103,800-107,000 as a stop before a pullback followed by ATH renewal this quarter. Binance founder Changpeng Zhao predicted bitcoin’s growth to $1 million The digital gold exchange rate could reach $500,000 and even $1 million already in the current market cycle, Binance founder Changpeng Zhao (CZ) shared his prediction in an interview with Farokh Radio. According to the businessman, the total capitalization of the crypto market will exceed $5 trillion in 2025. CZ did not specify a specific timeframe for achieving these values. This is not Zhao’s first prediction: in 2020, he predicted bitcoin would rise to $100,000, which was realized in December 2024. In February this year, he hinted at $1 million, ironizing the “collapse” from $1,001,000 to $985,000. At the time of writing, bitcoin is trading at $102,252 and the crypto market is capitalized at ~$3 trillion. In an interview, CZ called meme-coins “speculative noise,” predicting the collapse of 99.99% of them. He sees the integration of blockchain with artificial intelligence and DeSci as promising directions. The Binance founder noted the dramatic reversal of US regulatory policy under Donald Trump’s administration: “The situation has changed 180 degrees in 100 days.” He also predicted the dominance of decentralized exchanges over centralized exchanges, calling them “different doors to the same world.” Zhao ruled out a return to Binance and said he would focus on mentorship. According to him, after four months in prison, health and family have become priorities. In April, CZ became a consultant to the Kyrgyz government on cryptocurrency and blockchain issues. Source: https://coinpaper.com/9018/crypto-quant-ceo-apologizes-for-incorrect-bitcoin-forecast