Amidst the market recovery, the debate surrounding the status of the bitcoin bull cycle continues. The exact timing of this bull run is a topic that is shrouded in mystery and is constantly being debated. As of now, bitcoin is currently being traded at $66,900, which represents a 10% increase in value against the U.S. dollar over the past week. However, this price is still approximately 10% below the all-time high of $73,794 per unit that was reached on March 14, 2024. There are some who believe that the peak of the bull cycle has already been reached and that there will be no further highs, while others argue that the price could potentially reach six digits.
On May 17, Ki Young Ju, the CEO of Cryptoquant, stated that the bull run is currently in its midpoint range. He explained that bitcoin is currently in the middle of its bull cycle, as its market capitalization is growing at a faster rate than its realized capitalization. This trend typically lasts for around two years, and if it continues, Ju suggests that the bull cycle could come to an end by April 2025. Despite some stagnation in the price, many experts still believe that the bull cycle is ongoing. Onchain analyst Willy Woo recently observed that profit-taking has concluded, signaling a healthy reset against a backdrop of increasing capital flows into the network.
However, the accuracy of these predictions regarding the current stage of the bull cycle remains uncertain. The trajectory of bitcoin’s price is still unclear, and there are varied opinions on the status of the bull run. Some indicators suggest that a peak may have already been reached, while others imply the potential for further growth. Ultimately, the market’s unpredictable nature adds to the ongoing mystery surrounding bitcoin’s future valuation.
What are your thoughts on the opinion of the Cryptoquant CEO regarding the current stage of the bull run? Feel free to share your thoughts and opinions on this subject in the comments section below.