On November 24th, Ki Young Ju, CEO of CryptoQuant, shared insights on Twitter regarding the current state of the Bitcoin market. He asserted that Bitcoin has not yet entered a bubble phase. When assessing the market through the lens of Realized Cap, the growth trajectory of market capitalization remains subdued when compared to the total on-chain inflows. Ju indicated that Bitcoin retains potential for further appreciation, suggesting a possible price target of $141,000.
He elaborated that Realized Cap serves as a metric for evaluating market inflows, calculated by summing the value of all Bitcoins based on their most recent on-chain transaction. Historical trends indicate that during bull markets, market capitalization frequently surpasses Realized Cap, culminating in peaks attributed to heightened retail investor activity; conversely, during bearish conditions, it may fall beneath this benchmark.