The head of blockchain analytics platform CryptoQuant believes Bitcoin (BTC) is only halfway through its current bullish cycle.
Ki Yong-ju told his 346,000 followers on social media platform X that BTC’s market cap is growing faster than the realized cap and that this trend is likely to continue for about two years.
The realized cap metric records the price at which each Bitcoin last moved and aims to measure how many holders are making profits or losing money.
Young Joo explains:
“If this pattern continues, the bullish cycle could end by April 2025.”
As of this writing, BTC is trading at $67,014. The top crypto asset by market capitalization has risen more than 2% in the past 24 hours and more than 10% in the past seven days.
Young Ju's company CryptoQuant notes that short-term holders are selling Bitcoin at low or negative profits. The company states that selling pressure in the BTC market is decreasing as traders burn through unrealized gains.
CryptoQuant also points out that Bitcoin balances on over-the-counter (OTC) trading desks have stabilized, meaning less supply is flowing into the market.
The analytics firm warns that BTC demand from perpetual holders and large investors “needs to accelerate to sustain price appreciation.”
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