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.
[adinserter block="1"]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:
2023-24:
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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