Ki Young Ju, CEO of the blockchain analytics company CryptoQuant, shared a candid update on social media regarding the current situation of the Bitcoin market, signaling a potential shift in his long-held perspective on the crypto market cycle.
CEO of CryptoQuant reassesses the prospects of the Bitcoin market
"In the days following my announcement that the bullish cycle had ended, Bitcoin fell by 10%. However, currently, the price is trading 10% higher than when I made that assessment," Ki wrote. "I still believe that we are in a phase of broad consolidation, but I will happily admit that I was wrong if Bitcoin surpasses the $100,000 mark."
While Ki continues to monitor long-term supply and demand dynamics through on-chain data, he emphasizes that volatility due to events, especially related to political developments such as comments from former US President Donald Trump, is increasingly overshadowing traditional indicators.
He stated: "Short-term price volatility reacts more to external headlines than to fundamental on-chain factors, making traditional cyclical on-chain indicators difficult to maintain effectiveness."
This disclosure points to an increasing divide within the community of cryptocurrency analysts, where interpretations of blockchain data vary significantly even among experts on-chain.
Ki said that if Bitcoin reaches a new all-time high before Q4, he might completely abandon the cycle theory.
"A market without a defined cycle could be completely different from what we know," he said. "If that happens, bullish speculators will always be right.
Ki's comments came as Bitcoin continues to trade on an unstable trajectory but is generally increasing, challenging conventional expectations in the context of macroeconomic instability, changing legal dynamics, and renewed interest from institutions.
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CryptoQuant CEO Declares Price Rise Cycle Has Ended: "If That Happens, I Will Admit I Was Wrong"
Ki Young Ju, CEO of the blockchain analytics company CryptoQuant, shared a candid update on social media regarding the current situation of the Bitcoin market, signaling a potential shift in his long-held perspective on the crypto market cycle. CEO of CryptoQuant reassesses the prospects of the Bitcoin market "In the days following my announcement that the bullish cycle had ended, Bitcoin fell by 10%. However, currently, the price is trading 10% higher than when I made that assessment," Ki wrote. "I still believe that we are in a phase of broad consolidation, but I will happily admit that I was wrong if Bitcoin surpasses the $100,000 mark." While Ki continues to monitor long-term supply and demand dynamics through on-chain data, he emphasizes that volatility due to events, especially related to political developments such as comments from former US President Donald Trump, is increasingly overshadowing traditional indicators. He stated: "Short-term price volatility reacts more to external headlines than to fundamental on-chain factors, making traditional cyclical on-chain indicators difficult to maintain effectiveness." This disclosure points to an increasing divide within the community of cryptocurrency analysts, where interpretations of blockchain data vary significantly even among experts on-chain. Ki said that if Bitcoin reaches a new all-time high before Q4, he might completely abandon the cycle theory. "A market without a defined cycle could be completely different from what we know," he said. "If that happens, bullish speculators will always be right. Ki's comments came as Bitcoin continues to trade on an unstable trajectory but is generally increasing, challenging conventional expectations in the context of macroeconomic instability, changing legal dynamics, and renewed interest from institutions.