Bitcoin Price Growth Could Continue, Says South Korean Analyst
Bitcoin price growth could continue, a South Korean crypto analyst has predicted, as “crypto fever” slowly takes hold in the nation.
According to Hanguk Kyungjae, the “consensus” among the nation’s “industry experts” is that Bitcoin (BTC) prices will keep going up.
The media outlet said that forecasters think the coin “will continue its upward trend for the time.” But experts warned of a forthcoming “short-term adjustment in prices.”
The media outlet quoted Ju Ki-young, the CEO of the Bitcoin on-chain analysis firm CryptoQuant, as saying:
“If the market’s maximum degree of overheating is 100, we are currently at around 50.”
However, Ju noted that retail investors are still proceeding with relative caution. South Korean media outlets in 2018 and 2022 were dominated by tragic tales of crypto investments that went wrong at the end of the last BTC bull markets.
On-chain momentum indicates enough fresh capital inflow to initiate the next #Bitcoin parabolic bull run. https://t.co/BrvWO1dbc4
— Ki Young Ju (@ki_young_ju) March 13, 2024
And many appear to be in two minds about whether to return to the markets. Certainly, many retail investors have indeed returned, as rising kimchi premium rates indicate.
The kimchi premium is a phenomenon whereby spiking retail investment in a shallow pool of domestic crypto exchanges drives demand higher than supply.
This results in South Koreans spending more per unit of crypto than their counterparts in other parts of the world.
The Bitcoin kimchi premium dropped from a high of 10% earlier this month to just shy of the 8% mark on March 13, per Cryprice calculations.
That means that the price per BTC in South Korea is currently over $6,070 higher than on international crypto trading platforms such as
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