Bitcoin (BTC) price rose to over $ 19,000 as of November 24, setting a new annual record. Bitcoin price rose to $ 19,999 on the Gemini crypto currency exchange, breaking the all-time record. However, it has not been seen that any stock market has exceeded the $ 20,000 level. CryptoQuant CEO explained what could carry the Bitcoin price to $ 20,000.

Tip on bitcoin price came from OTC markets

Ki Young Ju, who leads CryptoQuant, one of the well-known research and analysis companies in the industry, drew attention to the fact that OTC, over-the-counter trading markets are still active. Ju pointed out that the bitcoin fund flow rate dropped to a three-year low a few days ago. Only 3% of BTC transactions are used to deposit or withdraw money from crypto money exchanges. This shows that whales using OTC are still not turning to stock markets for sale.

Whales still away from BTC selling

Ju said later on the chart, that there may be corrections, but eventually it will exceed $ 20,000. So, will the bitcoin price drop sharply after hitting the record like in 2017?

In another tweet he published last week, Ju stated that such a decrease will not occur. Stating that the “Stock Market-Whale” ratio is still very low, that is, whales do not send BTC to the stock markets, Ju said that the rise seems inevitable in the long term.

Bitcoin gives confidence in the long run

Bitcoin, on the other hand, has not experienced a hard correction today, despite seeing above the $ 19,600 level on many exchanges, and is still trading above the $ 19,000 band. Of course, he is not the only one who believes in Ju’s statements or makes such statements. Famous billionaire Michael Novogratz also spoke very positively for BTC in the long run.

Although Novogratz stated that he had been buying and selling crypto money “since the early morning”, he did not touch his BTC. With this statement, Novogratz implied that he was confident in the long-term rise.