Bitcoin might be "boring" right now, but it is also a good buying opportunity, according to CryptoQuant's Ki Young JuDisclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies.
Ju described the current price action as"boring," adding that it presents an opportunity for investors. According to him, this is the ideal time for whales to start accumulating the largest cryptocurrency. A chart attached by Ju shows that the leading cryptocurrency is experiencing extremely anemic market activity based on the Garman-Klass Realized Volatility indicators.
Earlier today, the Bitcoin price reached an intraday high of $63,694, according to CoinGecko data. At press time, it is changing hands at $63,182, up 2.8% over the past 24 hours. Travis Kling of Ikigai Asset Management recently commented that the recent correction makes sense due to supply overhang fears.
Meanwhile, some reputed analysts believe that the cryptocurrency is yet to reach its peak. Fundstrat's Tom Lee, for instance, continues to stand by his , Peter Brandt, a prominent commodity trader, has also predicted that the leading cryptocurrency could peak at $150,000 during this cycle. However, he believes there is still a decent possibility that the flagship cryptocurrency falls short of logging a new peak and plunges all the way to the $55,000 level.
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