The CEO and founder of the on-chain analytics firm CryptoQuant, Ki Young Ju, has shared insights on how the current Bitcoin bull cycle could potentially extend until mid-2025. According to Young Ju, old whales in the market have historically engaged in profit-taking during bull markets, leading to an influx of new capital into accumulation addresses. These accumulation addresses are Bitcoin wallets that have a history of only accumulating the cryptocurrency, with specific conditions such as a minimum balance of 10 BTC and no connection to miners or centralized exchanges.
The Realized Price metric, used by CryptoQuant to track the cost basis of long-term holders, indicates that the current cohort of HODLers is currently in a state of unrealized profits. Historic data shows that during past bull runs, the Realized Price for accumulation addresses increased, suggesting that long-term holders were accumulating more Bitcoin as prices rose. This trend typically coincided with profit-taking activities from other market participants, lasting for approximately 18 months in previous cycles.
The recent uptrend in the Realized Price metric indicates that accumulation addresses are once again absorbing profit-taking from old whales, potentially signaling another 14 months of this trend. Based on historical patterns, Young Ju speculates that the current Bitcoin bull cycle could extend until mid-2025. The chart provided by CryptoQuant shows a positive correlation between the Realized Price and the ongoing price rally of Bitcoin.
In recent trading sessions, Bitcoin has approached the $70,000 mark following a 3% surge. The cryptocurrency’s price has been steadily increasing over the past few days, reflecting the positive market sentiment surrounding Bitcoin.
As a senior writer at NewsBTC, Keshav has been closely monitoring developments in the cryptocurrency industry. With a background in Physics and a passion for blockchain technology, Keshav’s articles often delve into on-chain analysis and market trends. He aims to provide clear and consistent explanations of complex concepts to help readers better understand the dynamics of the crypto market.
Apart from his writing career, Keshav is an avid football enthusiast, anime lover, and video game player. His dedication to fitness, particularly in relation to football training, highlights his commitment to a holistic lifestyle. With a diverse set of interests and skills, Keshav brings a unique perspective to his work at NewsBTC.
In conclusion, the insights shared by CryptoQuant’s CEO suggest that the current Bitcoin bull cycle may have more room to run, potentially lasting until mid-2025. The data provided by CryptoQuant sheds light on the behavior of long-term holders and their impact on market dynamics, offering valuable insights for investors and enthusiasts alike.