Bitcoin rallied to an all-time high of $99,645 last week as the cryptocurrency market kick-started a bull run after Trump reclaimed the White House. The bullish phase began after the US election results making both leading stocks and cryptocurrencies hit new monthly highs.
Also Read: JP Morgan Predicts the Future of Elon Musk’s DOGE
However, the cryptocurrency market is moving in reverse gear this week sending fears that the bull run could be over. Investors are worried that Bitcoin could dip further amid global financial instability. This puts the markets at risk on the heels of Trump taking oath in January next year.
Also Read: Ripple: Will XRP Hit $2 In December 2024?
Cryptocurrency Market: Has the Bull Run Ended?
Source: Watcher Guru
Ki Young Ju, the founder of the on-chain analysis platform CryptoQuant said that the cryptocurrency market’s bull run has not ended. He wrote on X explaining that we’re in a bull market and the current dip is only a brief correction before heading north. He highlighted that during the 2021 rally, Bitcoin skyrocketed from $17,000 to $69,000 the same year.
Also Read: VeChain: AI Predicts VET Price For December 1, 2024
The founder urged investors not to panic sell and hold on to their digital assets to gain the most returns. “This isn’t a call for a correction. Just manage your risk and avoid panic selling at local bottoms. We’re in a bull market,” he said. He cited that the cryptocurrency market is in a brief consolidation phase and the bull run will push it up.
Also Read: Cardano (ADA) Predicted to Breach All-Time High of $3.09
He highlighted that this time around, institutional money will keep Bitcoin up for a longer time. Trillion-dollar funds could make the most out of the bull run making the cryptocurrency market thrive. “Historically, when new all-time highs are reached there is typically a period of consolidation before further moves up. We know that new institutional money is coming into the space and retail activity is picking up, both via ETFs and exchanges. With positive macro and regulatory news ahead, we could see a quick pick up in price activity,” he said.
