The head of blockchain analytics platform CryptoQuant believes that Bitcoin’s (BTC) current market cycle may be mirroring the prior one in 2020-21.
Ki Young Ju tells his 341,600 followers on the social media platform X that if Bitcoin is following the price patterns of the prior cycle the crypto king’s “real” bull market is just kicking off.
The analyst parses Bitcoin’s cycle into three main phases: recovery, the bull market to the previous all-time high and the real bull market, when Bitcoin prints new all-time highs.
“Bitcoin gives me the same vibe as four years ago.
2020-21:
- $3,000-$9,000 (Recovery).
- $9,000-$19,000 (Bull market to previous all-time high).
- $20,000-$68,000 (The real bull market).
2023-24:
- $15,000-$45,000 (Recovery).
- $45,000-$68,000 (Bull market to previous all-time high).
- $68,000-$___,000 (The real bull market).”
The analyst also believes that on-chain data is showing long-time deep-pocketed investors are selling Bitcoin as the price hovers around the prior all-time high of about $69,000, but traditional finance (TradFi) groups are buying up the supply.
“Old whales are selling Bitcoin to new whales (TradFi), not retail investors. This can be clearly observed on-chain.”
The analyst previously said that the level of Bitcoin investment from institutional investors is unprecedented this cycle, totaling $86 billion in the last six months alone.
Bitcoin is trading for $69,286 at time of writing, down nearly 3% in the last 24 hours.
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