The first scenario suggests that Bitcoin could continue its price discovery phase as it has in previous cycles. In this scenario, the price of BTC would continue to rise, with new highs being set in the coming months. This could last anywhere from 3 to 12 months, which is how long past bullish phases have typically lasted.
The second scenario is more cautious, as Ju warns that the current rally could be the peak and a big drop could follow, similar to the crash that occurred in November 2021.
Despite the possibility of the second scenario, the analyst warns that trying to short Bitcoin now could be a risky move.
In arguing against selling Bitcoin, Ki Young Ju recalls the late 2020 price discovery phase, when many traders bet against Bitcoin by shorting it. This move backfired as the short squeeze fueled a bull run. Suggesting that history may be repeating itself with similar risks ahead, the analyst urged his followers not to sell BTC and to adopt a disciplined holding approach.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
