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Here’s when Bitcoin’s bull cycle could end
Alex Dovbnja
CryptoQuant CEO Ki Young Ju has predicted when the current bull cycle could potentially end
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According to Ki Young Ju, CEO of CryptoQuant, an on-chain market intelligence and analysis company, Bitcoin is at a standstill in the middle of a bullish cycle.
The analyst highlighted the fact that its market capitalization is currently growing at a faster pace than its realized capitalization.
Based on historical data, this trend tends to last about two years. Therefore, he believes this cycle could end around April 2025.
The largest cryptocurrency is currently trading at $66,166, having gained 0.1% in the past 24 hours. On a year-over-year basis, Bitcoin is up 71%.
AS reported by U.Today, banking giant JPMorgan recently predicted that the price of the leading cryptocurrency would not see a substantial increase in the near future. The banking giant’s forecast is based on faltering demand for spot Bitcoin ETFs in the United States and the disappointing launch of similar crypto products in Hong Kong.
Earlier this week, the price of Bitcoin rose rapidly after the latest consumer price index (CPI) reading showed US inflation cooling. This suggests that the US Federal Reserve may be more emboldened to cut rates several times this year.
Now that the ETF narrative is slowly waning, bulls are pinning their hopes on falling U.S. inflation
Earlier this month, permabull Tom Lee predicted that the price of the leading cryptocurrency could eventually surpass him $150,000 this year. The Fundstrat co-founder believes US inflation will decline substantially in the second half of 2024.
Meanwhile, Galaxy Digital CEO Mike Novogratz expects the price of Bitcoin to remain range-bound for the foreseeable future.
About the author
Alex Dovbnja
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the burgeoning industry, from price analysis to Blockchain disruption. Alex has authored more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets; he can be contacted at alex.dovbnya@u.today.