Bitcoin (BTC), the largest cryptocurrency, is showing renewed growth, reaching the $104,000 mark. This event dismantles earlier pessimistic forecasts about the end of the bull market.
Continuing Bitcoin Bull Market
According to CryptoQuant CEO Ki Young Ju, decreasing selling pressure on Bitcoin and massive inflows into Bitcoin ETFs indicate that the previous pessimistic prediction about the end of the bull cycle was incorrect. Ju remarked: "Two months ago, I said the bull cycle was over, but I was wrong. Bitcoin selling pressure is easing, and massive inflows are coming through ETFs."
New Factors Affecting BTC Price
Ki Young Ju points out that the current Bitcoin cycle is different from previous ones due to the involvement of new investment institutions and aggressive liquidity strategies. He believes it might be time to abandon the traditional cycle theory as new liquidity sources and volumes create unstable market conditions.
Success of Bitcoin ETFs and Their Market Impact
In recent days, the assets under management for Bitcoin ETFs have once again surpassed $120 billion. Bitcoin added over $10,000 to its price over the last four days, while on May 8, bears lost approximately $400 million due to liquidations.
Thus, despite some uncertainty, current trends suggest that the Bitcoin bull market remains relevant, increasing capital inflow and changing existing market-forming mechanisms.
