CryptoQuant CEO: Bitcoin's New High May End Cycle Theory

CryptoQuant CEO Ki Young Ju recently shared his insights on the Bitcoin market, stating that if Bitcoin reaches a new all-time high before the fourth quarter, he will completely abandon the cycle theory. This theory suggests that Bitcoin's price movements follow a predictable cycle, but Ju's comments indicate a shift in his perspective.

Ju's analysis is primarily based on the long-term supply and demand dynamics of on-chain data. However, he acknowledges that the current market, which is highly reactive to external events, makes traditional cyclical on-chain indicators less effective. He also notes that interpretations of on-chain data can vary widely among analysts.

Ju's comments come after Bitcoin experienced a 10% drop following his announcement of the end of the bull market cycle, only to see the price rise 10% higher than his initial judgment. He continues to observe data for several weeks to confirm whether this is a true trend reversal. Ju believes that if Bitcoin breaks through the $100,000 mark, he will admit his mistake and continue to monitor the market closely.

If Bitcoin hits a new all-time high before the fourth quarter, Ju suggests that the market may be entering a phase without a clear cycle, which could indicate perpetual growth. This perspective aligns with the views of permabulls, who believe in the continuous growth of Bitcoin. Ju's comments highlight the evolving nature of the Bitcoin market and the need for analysts to adapt their strategies accordingly.