The price of bitcoin 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 showing improvement as June approaches. The founder of the onchain and market data platform Cryptoquant has noted that the bull run is at its midpoint and suggests that if this trend persists, “the bull cycle might end by April 2025.”
Cryptoquant CEO Predicts Bull Run Midpoint as Bitcoin Recovers
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Debate Over Bitcoin Bull Cycle’s Status Continues Amid Market Recovery
The timing of the bull run remains a mysterious and highly debated topic. Predictions about its onset, current status, and conclusion are constantly made and speculated upon. 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 believe that the peak has already been reached and no further highs are expected, while others argue that the six-digit price zone is within close reach.
On May 17, Ki Young Ju explained that the bull run is at its midpoint range. “ Bitcoin is in the middle of the bull cycle,” the Cryptoquant CEO said. “Its market cap is growing faster than its realized cap, a trend that typically lasts around two years. If this pattern continues, the bull cycle might end by April 2025.” While the price experienced some stagnation, many still believe the bull cycle is ongoing. This week, onchain analyst Willy Woo observed that profit-taking has concluded.
“ Bitcoin [Spent Output Profit Ratio] (SOPR) update. Profit taking has completed, it took 2 months,” Woo said. “A very healthy reset, against a backdrop of capital flows into the network climbing again.”
Whether the experts are correct about the current stage of the bull cycle is uncertain. The trajectory of bitcoin’s price still remains unclear, with varied opinions on the bull run’s status. Some indicators point to a possible peak, while others imply potential for further growth. Ultimately, the market’s unpredictability makes bitcoin’s future valuation an ongoing, and intriguing mystery.
What do you think about the Cryptoquant CEO’s opinion over where the bull run is now? Share your thoughts and opinions about this subject in the comments section below.
