CryptoQuant CEO Ki Young Ju suggests that Bitcoin’s current rally toward the 100,000 mark reflects its 2020 surge, during which the cryptocurrency’s value increased sixfold to reach 67,000.
Ju highlighted in the X thread that earlier on-chain data, which indicated months of Bitcoin accumulation by whales, has proven accurate despite initial scepticism about its reliability.
“Many criticised the data as exaggerated,”
Ju acknowledged,
“but now the reason for the accumulation is becoming quite clear.”
He also pointed out the doubling of crypto mining costs after the April halving, which slashed mining rewards from 6.25 BTC to 3.125 BTC, stating that Bitcoin’s price “needs to rise to sustain mining profitability.” Regarding further price increases, he suggested that “many traders are shorting, fueling the bull market through a short squeeze.” However, he acknowledged that the exact timing of any price surge remains uncertain.
Reflecting on his past Bitcoin price predictions, Ju admitted that his earlier forecast for a short-term correction “in the middle of the bull market” ultimately “didn’t age well.” Reaffirming his commitment to “speak up” despite past missteps if signs of a bear market “seem to be confirmed.” At press time, Bitcoin is trading at 97,444, marking a 160% gain since the beginning of the year.
This isn’t the first time Ju has drawn parallels between current market dynamics and those leading up to Bitcoin’s previous bull run. In May 2024, he compared the present conditions to mid-2020, suggesting a similar pattern to the 2020 surge that saw Bitcoin reach $64,000 by April 2021. Despite low price volatility, he pointed to whale accumulation and rising market interest as signs of a potential bullish trend akin to the OTC sales surge in February 2019. He also noted that on-chain activity remains high, with $1 billion added daily to new whale wallets, likely for custody purposes.
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