Bitcoin Overheated, Adjustments Incoming

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[The CEO of CryptoQuant said that Bitcoin is overheated and the adjustment may continue to this level! 】

As the price of Bitcoin plummets from $73,000 to $63,000, some analysts are conservative in their outlook. Against this backdrop, Ki Young Ju, CEO of CryptoQuant, offers his insights.

Ju believes the Bitcoin market is overheated in the short term and predicts its price could drop further to $51,000, a drop of up to 30%. He pointed out that retail investors have not yet entered the market on a large scale, suggesting that the market peak of Bitcoin has not yet been reached.

"Bitcoin is experiencing a short-term overheating phenomenon. It has not yet reached the market peak, and the participation of retail investors is still low. At this time, it is particularly important to pay attention to changes in demand for ETFs. We foresee that due to new large investors entering the market - namely ETF buyers Home—Buying at an average price of $56,000, Bitcoin could correct by 30% and the price could drop to $51,000.”

Ki Young Ju further analyzed that Bitcoin’s current price increase is mainly driven by the upcoming ETF effect rather than the expected halving event in April. He pointed out that the growth of Bitcoin prices has been driven by ETFs, and it is expected that after the halving event, miners will work hard to keep the price of Bitcoin at a profitable level.

热点：Bitcoin