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Cryptoquant founder and CEO Ki Young Ju walked back into his guess Bitcoin price exploded above $ 100,000. This step took the entire market by surprise after calls for the lower price that ruled the crypto space in the last few months. As a sentiment returned to the positive, Young became bullish, explaining a change in his stance and what is happening in the market today.
Bitcoin Bull Cycle is not over yet
In a X postCEO Ki Young Ju explains how the current market deviates from previous cycles. For one, he explained that the market no longer relies on the old Bitcoin whales, retail investors, and miners to move the market. It became a way to find out the top of the cycle, where old whales and miners were offloading their bags. However, the market has managed to continue, and the price of Bitcoin is better positioned to absorb large sales without issues.
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Young explained that it could be linked to how the market became different. The arrival of Spot bitcoin etfApproved by the Securities and Exchange Commission (SEC) in 2024, opened new methods for liquidity. Today, these are not only new retail investors playing the field, but also institutional investors who have been given an avenue to enter the market, and have a larger pocket.
The new and large flow of liquidity has done so so that even sellers from large whales will no longer affect the price of bitcoin in the past. Thus, the CEO believes it is time to actually move the focus from the old to the new.
Due to this change in the flow, the cryptoquant CEO said it could be time to dispose of the cycle theory. This is due to changes in liquidity, as the resources have become more uncertain. “Now, instead of worrying about the old whales that sell, it's more important to focus on how many new liquidity comes from institutions and ETFs because this new flow can exceed even strong whale sale,” Young explained.
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However, he still assumes that the current market does not flash out a clear bearish or bullish pattern when it comes to the income acquisition cycle. As he explained, the market is still lazy around the absorption of all the new liquidity coming from different sources and the indicators are “still hanging around the border.”
As for the price of Bitcoin, it continues to show strength after crossing $ 100,000, as bulls eye new all-time highs of over $ 109,000. The investor's profitability also has a skyrocket and a whopping 99% of all Bitcoin holders are now sitting in income, according to Data from the intoteblock.
Featured image from Dall.E, chart from tradingview.com
