CryptoQuant CEO Ki Young Ju announced the end of Bitcoin's bull cycle, shifting to a bearish phase, resulting in a 5.2% price drop.
Ki Young Ju's Prediction on Bull Cycle End
Ki Young Ju announced on Twitter that Bitcoin's bull cycle has ended, predicting a bearish phase lasting six to twelve months. This statement surprised the industry as it marked a shift from his previous stance, where he saw corrections as normal in a bull market.
Expert Debates on Bitcoin Price
The latest price data indicates Bitcoin is trading at $83,000, experiencing fluctuations around the mid $80,000s. Analysts suggest this aligns with expected market corrections. Experts like Raoul Pal argue that macro factors play a larger role than on-chain metrics. Arthur Hayes also believes the market remains on a bullish trajectory, indicating a potential bottom around $70,000.
Historical Bitcoin Market Corrections
Historical market corrections of up to 36% have been observed in past Bitcoin bull markets. The recent price drop aligns with similar patterns seen in previous bull and correction cycles. Some experts advise caution, considering macroeconomic factors and institutional interest, which may influence future trends. Observers highlight that broader market dynamics extend beyond initial price fluctuations.
Ki Young Ju's statement led to a significant Bitcoin decline, sparking expert discussions on its future. While opinions differ, market history suggests possible scenarios.
