TechFlow reports that on February 28, CryptoQuant CEO Ki Young Ju posted on social media stating that spot Bitcoin trading volume was extremely active around the $100,000 level. During the distribution phase, prices fall when new liquidity dries up. The key question for whether the Bitcoin market will face a multi-year bear market lies in where new liquidity will come from.
Ki Young Ju believes the Bitcoin market may undergo prolonged consolidation within a wide range (such as $75,000–$100,000), similar to the situation seen in early 2024. He said this consolidation could continue until positive developments favorable to Bitcoin bring in fresh liquidity.
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