Bitcoin Bull Market Not Over: CryptoQuant CEO Reveals Where We Are This Cycle

Name	Symbol	Market	Market Cap ($)	Algorithm
Flow	FLOWUSD	Crypto	768,043,364	Unknown

Name

Symbol

Market

Market Cap ($)

Algorithm

Flow

FLOWUSD

Crypto

768,043,364

Unknown

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.005	-0.99%	0.500	0.498	0.500

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.005

-0.99%

0.500

0.498

0.500

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.507	0.487	0.505	0.505	0.440000 - 1.70

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.507

0.487

0.505

0.440000 - 1.70

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	05:07:48	0.015000	0.500	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

05:07:48

0.015000

0.500

USD

Price x Volume	Volume	Base Symbol	Related Pairs
29,499.80	59,749.76	FLOW	FLOWEUR	FLOWGBP	FLOWBTC

Price x Volume

Volume

Base Symbol

Related Pairs

29,499.80

59,749.76

Bitcoin Bull Market Not Over: CryptoQuant CEO Reveals Where We Are This Cycle

01/10/2024 6:30pm

NEWSBTC

The Bitcoin mid-September rally has slowed down leading up to the end of the month. Although it ended September at a green monthly candle close, the cryptocurrency has fallen below the psychological $65,000 price mark again, with the fear and greed index returning from greed to neutral sentiment. This seems to have caused some second-guessing among Bitcoin investors. However, CryptoQuant CEO Ki Young Ju is not entertaining any such thought. According to Ki Young Ju, Bitcoin is still in the middle of a bull cycle. This is positive news for Bitcoin investors, as the crypto industry is now transitioning into a historically bullish fourth quarter of the year. Bitcoin Bull Market Not Over CryptoQuant CEO Ki Young Ju is part of fervent Bitcoin investors who remain unfazed by the recent price fluctuations. However, his stance isn’t just based on speculations but is backed by technical price data and analysis. Ki Young Ju draws his bullish outlook on the Bitcoin growth rate difference, which presents an interesting outlook on the cryptocurrency. Essentially, the Bitcoin growth rate difference compares the market cap of Bitcoin to its realized cap in order to gauge its bullish or bearish strength. Related Reading: Shiba Inu Price Could Jump 200% To $0.00006 In October, Here’s Why The market cap of a cryptocurrency is the total value of all coins in circulation, calculated by multiplying the current price by the total supply. In contrast, the realized cap takes into account the actual value paid for each BTC in circulation based on the price at which each coin last moved. A higher market cap growth rate suggests the spot price of the average coin has increased compared to the last it was moved. According to a Bitcoin technical chart he shared on social media platform X, Ki Young Ju noted that Bitcoin’s market cap is still growing faster than its realized cap, which continues to point to a bull cycle. Notably, the analyst has mentioned in an earlier analysis of the growth rate difference that this trend, which started in late 2023, typically lasts for an average of two years. What Does This Mean For BTC? Going by past bull cycle trends, which Ki Young Ju noted typically lasts for about two years, Bitcoin is expected to continue in a bull cycle for at least more than a year going forward. Furthermore, current fundamentals point to steady growth for Bitcoin as inflows continue to pour in from institutional investors. Related Reading: XRP Price Ready For 4x Jump To $2.6 As Major Bullish Pattern Breaks Occurs Speaking of institutional investors, Spot Bitcoin ETFs, which ended last week with the largest inflow ($494.27 million) since July 22, have begun the new week on a positive note. Particularly, they registered $61.3 million in net inflows yesterday, which is a sign of good things to come. Institutional involvement, especially through vehicles like Spot Bitcoin ETFs, is a crucial factor in BTC’s sustained price growth. At the time of writing, Bitcoin is trading at $64,080. Featured image created with Dall.E, chart from Tradingview.com

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