Bitcoin, after reaching a historical high in March this year, has fallen back and is currently fluctuating above $60,000. Ki Young Ju, the CEO of CryptoQuant, recently analyzed that Bitcoin is in the mid-term of a bull market cycle, and this round of bull market cycle may end in April 2025.
Bitcoin halving has always been seen as the catalyst for starting a bull market. In the last 2 years before each halving event, the market was dominated by bears. However, before the fourth halving event in April this year, the situation changed. Bitcoin reached a historical high of nearly $74,000 in March, which is the first time it has hit a new high before the halving event.
This is mainly driven by the speculation surrounding the launch of the US Bitcoin spot ETF. Since last year, Bitcoin has been steadily rising due to optimistic expectations in the market for the approval and listing of the first Bitcoin spot ETF. After it was officially approved by the US Securities and Exchange Commission (SEC) for listing in early January this year, it became the driving force behind Bitcoin’s breakthrough to a historical high.
In the initial weeks of the listing of the Bitcoin spot ETF, the inflow of funds continued to increase. Although the demand has slowed down in the past few weeks, the price of Bitcoin is still between $60,000 and $70,000. 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 mid-term of a bull market? Ki Young Ju, the CEO of CryptoQuant, recently shared an article stating that Bitcoin is currently in the mid-term of a bull market cycle. He shared a chart indicating that the actual market value of Bitcoin is growing faster than its realized market value. This trend usually lasts for about 2 years. If this pattern continues, the bull market cycle may end in April 2025.
Earlier, Ki Young Ju shared data on the Bitcoin network’s hash rate-to-market capitalization ratio, indicating that the current fundamentals of the Bitcoin network may support a market value three times the current value. This means that Bitcoin could reach a price of $265,000.
It is worth noting that anonymous analyst PlanB shares the same view as Ki Young Ju and believes that there will still be a halving rally this time. He previously stated that the upward trend of Bitcoin will be triggered again by the halving event, and Bitcoin will surpass $100,000 in 2024, with a peak of over $300,000 in 2025.
Market Performance this Week:
The price of Bitcoin has rebounded this week, rising from around $60,000 and breaking through the $67,000 mark on the 17th, reaching a new high since April 13th. It 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 began a consecutive rebound. It broke through the $3,100 mark on the 18th and has since fluctuated 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.