The Bitcoin ($BTC) market is going through a crucial phase as it is facing extended consolidation. $BTC has fallen below the $80k psychological mark curxrently trading at $79,855. As per the CryptoQuant CEO Ki Young Ju, there is a possibility for an extended consolidation as it is currently changing hands around $80K amid the surging liquidity concerns. The CryptoQuant CEO reflected on the sheer decline in Bitcoin’s price and the potential market movement in the near term.

CryptoQuant CEO Predicts Bitcoin Extended Consolidation Within the $75K-$100K Range

Ki Young Ju associates the ongoing Bitcoin consolidation with the increasing liquidity concerns. In this respect, he anticipates a prolonged consolidation within the range of $75,000 – $100,000. This is just like the price action that took place at the start of the previous year. However, if Bitcoin circumvents, a comprehensive bear market relies on where new liquidity will appear.

Irrespective of the growing uncertainty in the Bitcoin market, Ju is quite optimistic about the long-term trajectory of the top crypto asset. He considers Bitcoin to be still in the current bull run’s later stage. Ju describes the present point as the initial distribution phase, dealing with the inclusion of the latest retail investors. A noteworthy factor to sustain the present bull cycle for the next quarters takes into account the expanding worldwide interest.

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In line with Ju’s analytics, this cycle is considerably different from the former ones. Historical data highlights that Bitcoin distribution went through a simple pattern. It included the fund offloading by the whales to the retail Bitcoin investors. Nonetheless, the present cycle is distinct, comprising both institutional and retail investors. The current distribution model deals with retail investors along with whale investors offloading to the newly coming retail investors. For this purpose, they are reportedly utilizing institutional channels and exchange-traded funds.

Ki Young Ju Remains Bullish, Saying Significant Decline Below $75K Would Oppose His Analysis

According to the CryptoQuant CEO, Bitcoin is expected to see an extended consolidation phase. Hence, it will reportedly remain within the $75K-$100K range. At the moment, it is below the $80K mark. Nevertheless, he remains bullish while predicting a 30% dip. He asserted that if the top crypto asset falls substantially below the $75K mark, it would oppose his analysis.