Cryptoquant General Director Ki Young Ju said that his recent forecast for a change in bitcoin price was erroneous and apologized to readers in social networks.

According to the expert, the theory of bitcoin cycles, which he used to draw up forecasts, has ceased to be relevant:

“Now trade seems meaningless, because there are much more holders than traders in the market. Forecasts do not work. I am sincerely apologized if my tests influenced your investment decisions. ”

Previously, the market functioned according to the algorithm “Buy when whales accumulate an asset, sell when retail investors are connected” – but now the situation has changed dramatically, the Cryptoquant general director is sure. The former large investors began to sell cryptocurrency to new long -term investors. Corporate investors play a more significant role than expected, the analyst complains.

Ki Young Ju in the future intends to focus on incoming data, and not on outdated templates that he used a few months ago.

Earlier, the investment director of the Maelstrom Foundation and the co -founder of the Bitmex cryptoderivat Exchange Arthur Hayes called the price that Bitcoin could reach by the end of the year, and together with it – ether.