CryptoQuant CEO Ki Young Ju has declared that the traditional Bitcoin cycle theory is no longer relevant due to changes in investor behavior.
The Death of the Bitcoin Cycle Theory
Ki Young Ju noted in a post on X that old whales are selling assets to new long-term holders. He pointed out that the number of holders now outweighs traders, making traditional trading strategies seem 'pointless'.
> 'My mistake was ignoring this shift in my ‘bull cycle is over’ call,' stated the CryptoQuant founder. 'I sincerely apologize if my prediction impacted your investment. I’ll be more careful with forecasts and focus on providing data-driven insights.'
Analysts' Opinions on Bitcoin's Future
According to CryptoQuant, market shifts have been driven by a transition from retail investors to institutions and high-volume wallets. Analysts note that the current Bitcoin rally is occurring in the absence of retail buyers, starkly contrasting with previous cycles.
Other researchers, such as Stockmoney Lizards, also emphasize that the current cycle may signal the beginning of new trends related to mass adoption in financial markets.
Current State of Bitcoin in the Market
At the time of publication, Bitcoin is trading at $115,500, showing a 2.5% decrease over the past 24 hours and a 4.7% decline over the past week. This indicates that Bitcoin is underperforming the broader cryptocurrency market, which has only declined by 1.5%. Additionally, it is now 6.2% below its all-time high reached on July 14, despite being up 8.6% over the past 30 days and almost 80% year-on-year.
Changes in investment flows, especially from institutional players, point to new trends in the Bitcoin market. Future forecasts require a careful approach that considers these new factors.
