The head of blockchain analytics platform CryptoQuant thinks Bitcoin (BTC) is only halfway through its current bull cycle.
Ki Young Ju tells his 346,000 followers on the social media platform X that BTC’s market cap is growing faster than its realized cap, a trend he says tends to last around two years.
The realized cap metric records the price of each Bitcoin when it last moved and aims to gauge how many holders are in profit or at a loss.
Explains Young Ju,
“If this pattern continues, the bull cycle might end by April 2025.”
BTC is trading at $67,014 at time of writing. The top-ranked crypto asset by market cap is up more than 2% in the past 24 hours and more than 10% in the past seven days.
Young Ju’s firm, CryptoQuant, notes that short-term holders are selling Bitcoin at low or negative profits. The firm says traders have exhausted their unrealized profits, which has decreased selling pressure in the BTC market.
CryptoQuant also notes that Bitcoin balances at over-the-counter (OTC) trading desks have stabilized, which means less supply is entering the market.
The analytics firm does caution that BTC demand from permanent holders and large investors “needs to accelerate to sustain the price rally.”
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