Speculation Surrounds Bitcoin Bull Cycle's Progress Amid Market Recovery
The exact timing of the bitcoin bull run continues to be a subject of much debate and speculation. Analysts and experts constantly make predictions about when it will start, where it currently stands, and when it will end. At present, bitcoin is valued at $66,900, showing a 10% increase in value against the U.S. dollar in the past week. However, this is still around 10% below its all-time high of $73,794 per unit, reached on March 14, 2024. While some believe that the peak has already been reached and further highs are unlikely, others argue that bitcoin could soon reach the six-digit price range.
On May 17, Ki Young Ju, CEO of Cryptoquant, stated that the bull run is currently in its midpoint range. He noted, "Bitcoin is in the middle of the bull cycle. 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." Despite experiencing some stagnation, many experts still believe that the bull cycle is ongoing. Onchain analyst Willy Woo recently observed that profit-taking has concluded, which he sees as a healthy reset for the market.
The current stage of the bull cycle remains uncertain and opinions vary. Some indicators suggest that a peak may have been reached, while others imply the potential for further growth. Ultimately, the unpredictable nature of the market adds to the intrigue surrounding the future valuation of bitcoin.
What are your thoughts on the Cryptoquant CEO's opinion regarding the current stage of the bull run? Feel free to share your thoughts and opinions on this matter in the comments section below.