The signs are becoming clearer: retail investors are stepping into the Bitcoin market in a big way. According to Ki Young Ju, CEO of CryptoQuant, smaller transactions on the Bitcoin blockchain have hit levels not seen in three years. These transactions, all under $100,000, indicate that individual buyers are starting to build their positions in Bitcoin.
This activity points to growing interest from everyday investors. As Ju highlighted in a recent update to his followers on X, the uptick in smaller transactions suggests retail players are now fueling the ongoing bull market. However, while retail participation is on the rise, the behavior of larger players tells a different story.
Here's #Bitcoin transaction volume over $1M.
If I were a giga whale, I’d wait for more exit liquidity. It’s just starting. Imagine retail in FOMO joining at $100K.
We might see some corrections, but it wouldn’t mark the start of a bear market, imo. pic.twitter.com/1iAvxJiFjl
— Ki Young Ju (@ki_young_ju) November 18, 2024
Big Players Staying on the Sidelines
Ju also shared data showing that transactions over $1 million are relatively subdued compared to the peak of the last bull market in late 2021. This suggests that major players, often referred to as “whales,” are holding back for now. Ju believes these large investors might be waiting for higher prices and increased retail enthusiasm to create better conditions for selling.
“If I were a giga whale, I’d wait for more exit liquidity,” he remarked, suggesting that retail-driven excitement could push Bitcoin to $100,000 or beyond. While there might be corrections along the way, Ju doesn’t see this as the start of a bear market.
A $135K Bitcoin Price Target
Using a metric called realized cap, which tracks the net flow of capital into the Bitcoin market, Ju shared his thoughts on where Bitcoin could be headed. He identified $135,000 as a possible price ceiling for this market cycle, based on historical patterns and current market behavior.
While Ju acknowledges short-term price dips are possible, he maintains confidence in the broader upward trend. He emphasized that corrections are just part of the process in a bull market, not a signal of an impending crash.
At the moment, Bitcoin is trading at $91,304, according to CoinMarketCap. If Ju’s predictions hold, we could still have a lot of upside to look forward to.
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