Bitcoin, after reaching a historic high in March this year, has fallen back and is currently fluctuating at over $60,000. Ki Young Ju, CEO of CryptoQuant, recently analyzed that Bitcoin is in the middle of a bull market cycle, and this round of the bull market cycle may end in April 2025.
Bitcoin halving has always been seen as a catalyst for starting a bull market. In the last 2 years before each halving event, the market has been dominated by bears. However, the situation changed before the fourth halving event in April this year, as Bitcoin reached a new high of nearly $74,000 in March, which is the first time it has reached a new high before a halving event.
This is mainly driven by the speculation surrounding the launch of Bitcoin spot ETF in the United States. Since the middle of last year, Bitcoin has been steadily rising in anticipation of the approval and listing of the first Bitcoin spot ETF. After it was approved by the U.S. Securities and Exchange Commission (SEC) for listing in early January this year, it became the driving force behind Bitcoin’s breakthrough to a new high.
In the initial weeks of the listing of Bitcoin spot ETF, there was a continuous influx of funds. Although the demand has slowed down in the past few weeks, the price of Bitcoin is still between $60,000 and $70,000. Additionally, the market expects the Federal Reserve to start cutting interest rates in the second half of this year, which is usually seen as a positive factor for risk assets such as Bitcoin and other cryptocurrencies.
Is Bitcoin in the middle of a bull market? Ki Young Ju, CEO of CryptoQuant, recently shared his view that Bitcoin is currently in the middle of a bull market cycle. He shared a chart showing that the actual market value of Bitcoin is growing faster than its realized market value. This trend usually lasts for about 2 years, and if this pattern continues, the bull market cycle may end in April 2025.
Previously, Ki Young Ju had shared data on the Bitcoin network’s hashrate/market value ratio, indicating that the current fundamentals of the Bitcoin network could support a market value three times higher than the current value. This suggests that Bitcoin could reach a price of $265,000.
It is worth noting that both anonymous analyst PlanB and Ki Young Ju share the same view and believe that there will still be a bull market after the halving event. PlanB previously stated that Bitcoin’s upward trend will be triggered again by the halving, and Bitcoin will surpass $100,000 in 2024, with a peak above $300,000 in 2025.
Market Performance This Week
The price of Bitcoin has rebounded this week and has been steadily rising from around $60,000. On the 17th, it broke through the $67,000 mark, reaching a new high since April 13th, and has since continued to fluctuate around $67,000. As of the time of writing, it is reported at $67,019, with a 0.1% increase in the past 24 hours.
The price of Ethereum briefly fell below the $2,900 mark on the 15th but then started a consecutive rebound. On the 18th, it broke through the $3,100 mark and has since continued to fluctuate between $3,100 and $3,150. As of the time of writing, it is reported at $3,118, with a 0.5% increase in the past 24 hours.