Cryptoquant CEO Predicts Bull Run Midpoint as Bitcoin Recovers

The Bitcoin price experienced a challenging May, dipping below $60,000 to reach a low of $56,500 per unit on May 1, 2024. Currently valued at $66,900 per unit, bitcoin’s price is improving as June approaches. The founder of the on-chain and market data platform Cryptoquant noted that the bull run is at its midpoint and suggests that if this trend persists, “the bull cycle might end by April 2025.”

Debate Over Bitcoin Bull Cycle’s Status Continues Amid Market Recovery

The timing of a bull run is a big mystery that people love to debate. Everyone always makes guesses about when it will start, if it’s happening now, and when it will end. Currently, BTC is trading at $66,900, showing a 10% increase in value against the U.S. dollar over the past week. This price is approximately 10% below the all-time high of $73,794 per unit, reached on March 14, 2024. Some people think we’ve already hit the peak and won’t see any higher prices. Others believe that prices could still reach the six-figure range soon.

On May 17, Ki Young Ju said that the bull run for Bitcoin was at its midpoint. “Bitcoin is in the middle of the bull cycle,” explained the Cryptoquant CEO. “Its market cap is growing faster than its realized cap, a trend that usually lasts about two years. If this keeps up, the bull cycle might end by April 2025.” Although the price has slowed down a bit, many believe the bull cycle is still going strong. This week, on-chain analyst Willy Woo noted that the profit-taking phase has ended.

“Bitcoin SOPR (Spent Output Profit Ratio) update. Profit-taking has been completed; it took 2 months,” Woo said. “It’s a very healthy reset, especially with capital flows into the network increasing again.”

Whether the experts are correct about the current stage of the bull cycle is still being determined. The trajectory of bitcoin’s price remains unclear, with varied opinions on the bull run’s status. Some indicators point to a peak, while others imply potential for further growth. Ultimately, the market’s unpredictability makes Bitcoin’s future valuation an ongoing, intriguing mystery.

FAQ:

1. What is CryptoQuant? CryptoQuant is a company from South Korea. It offers a platform where people interested in cryptocurrency can access analytics and data to help them make smarter decisions about their investments. This helps reduce the risk involved in investing in cryptocurrencies.
2. Who is the CEO of CryptoQuant? The CEO of CryptoQuant is Ki Young Ju. He is also the co-founder of the blockchain analytics firm.
3. Where is CryptoQuant located? CryptoQuant was started in 2018 and is located in Seoul, South Korea.
4. What are on-chain transactions?  On-chain transactions are those directly recorded and validated on the blockchain by miners or validators. These transactions provide enhanced security and transparency, ensuring they are permanently logged on the blockchain.
5. Who verifies on-chain transactions? Transactions on a blockchain must be validated by a number of the network’s participants, who are called miners. A transaction is only valid once the participants verify it and a consensus is reached about its validity. The transaction info gets written onto a block and shared with everyone else in the network.
6. Depending on the network protocol, a transaction becomes almost irreversible once it garners sufficient confirmations from network participants based on the network’s consensus mechanism. Typically, it can only be reversed if most of the blockchain’s hashing power concurs to reverse the transaction.
7. Why are on-chain transactions important?  On-chain transactions are important for blockchain technology as they ensure transparency, security, and trustlessness. These transactions are publicly visible and traceable, protected by cryptographic methods and a decentralized network, eliminating the need for trust between parties. Once recorded, they cannot be altered or deleted, providing a permanent and auditable record. On-chain transactions also enable secure transfer and ownership of digital assets like cryptocurrencies and NFTs while incentivizing network participants (miners or validators) to maintain network security and activity. These features make on-chain transactions a reliable and secure foundation for blockchain systems.
8. What is on-chain analysis? On-chain analysis, or blockchain analytics, involves examining blockchain data such as transactions, trades, and wallet address holdings to understand the actions of market participants on respective blockchains in real-time.
9. What is the On-chain protocol?  The On-chain Payment Protocol makes it super easy for stores and shoppers to do business. It lets them use lots of different cryptocurrencies for transactions and gives them choices on how they want to pay and settle.
10. What is On-chain identity? An On-Chain Identity is controlled by a Smart Contract. It is a special case of Ethereum-controlled Identity. The On-Chain Identity manages its own identity trees on the chain. The system can give out credentials by adding them to its records, canceling them if needed, and making changes in its status.