The CEO of blockchain analytics platform CryptoQuant predicts that Bitcoin (BTC) is only halfway through its current bull market. Ki Young Ju, with a following of 346,000 on the social media platform X, explains that BTC’s market cap is growing faster than its realized cap, which typically lasts around two years. The realized cap metric tracks the price of each Bitcoin when it was last moved and aims to assess the number of holders who are making a profit or experiencing a loss. According to Young Ju, if this trend continues, the bull market could end by April 2025.
As of now, BTC is trading at $67,014. The leading cryptocurrency by market cap has seen a gain of over 2% in the past 24 hours and over 10% in the past seven days.
Young Ju’s company, CryptoQuant, observes that short-term holders are selling Bitcoin at low or negative profits. The firm reports that traders have depleted their unrealized profits, resulting in decreased selling pressure in the BTC market.
Furthermore, CryptoQuant notes that Bitcoin balances at over-the-counter (OTC) trading desks have stabilized, indicating a decrease in supply entering the market.
However, the analytics firm cautions that demand for BTC from long-term holders and major investors must accelerate in order to sustain the price rally.
It is important to note that the opinions expressed in this article are not investment advice. Investors should conduct thorough research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are performed at one’s own risk, and any losses incurred are the individual’s responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, nor does it offer investment advice.
