The chief executive of market intelligence platform CryptoQuant says that Bitcoin (BTC) still has a ways to go before reaching its cycle top.
In a new thread on the social media platform X, CryptoQuant CEO Ki Young Ju says that those predicting an upcoming bear market for the crypto king are likely ignoring on-chain data that shows BTC has been in a bull market for the last two years.
According to Ju, crypto whales accumulating large amounts of the top crypto asset by market cap has gone from being a newsworthy event to a routine one, proving the bull market isn’t over.
“The narrative of whale accumulation on Bitcoin has become so common that it’s now daily chatter. Just 2-3 years ago, news of whales accumulating would send shockwaves through the market. Today, it’s no longer breaking news – it’s just expected, routine information…
Right now, we’re clearly in a bull market, with on-chain data showing $7 billion in weekly capital entering the market…
News of whale accumulation no longer moves people – maybe because analysts, including me, have been calling it a bull market for the last two years. But the bull market isn’t over. If Bitcoin enters a bubble, all the analysts would be screaming about the cyclical top.”
Ju goes on to say that BTC is not in a “bubble,” which he defines as when an asset’s market price significantly exceeds the capital flowing into it, noting that its cycle peak is not close.
“For now, it’s obviously not a bubble. Sure, corrections can happen, but amid a bull cycle, it’s very unlikely we’ll see more than a 30% drop. Even if such a drop happens, it would likely be short-lived, with prices potentially going up more than 30% after the correction.
The peak of this Bitcoin cycle still seems far off. For those predicting the start of a bear market, I’d like to hear their reasoning.”
Bitcoin is trading for $96,387 at time of writing, a 1.9% decrease over the last 24 hours.
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