CryptoQuant CEO Unveils Bitcoin Bull Market Top Timeline, Says Mt. Gox Repayments Having No Impact on BTC Price
Ki Young Ju, the CEO of blockchain analytics platform CryptoQuant, is predicting when the ongoing Bitcoin (BTC) bull market will reach its peak.
Ju tells his 356,900 followers on the social media platform X that Bitcoin’s bull market could continue for another year based on BTC’s realized price for accumulation addresses.
“Bitcoin bull cycle likely until mid-2025. Old whales take profits during bull markets. Their selling brings new capital into accumulation addresses, raising realized prices. Past cycles had profit realization periods of about 18 months. It started four months ago this time.”
The realized price is the average price of Bitcoin in circulation calculated based on the price at which they were last moved. Meanwhile, accumulation addresses are wallets that received BTC but never spent their stack.
Ju says he is confident in his prediction that the bull market cycle is far from over based on historic precedence.
“I know that this type of prediction is extrapolated, but it seems pretty clear that we are still in the early phase of a bull market. I wrote this prediction just for the record so that I can brag about it later.”
Ju also says that the widely feared BTC distribution of the defunct crypto exchange Mt. Gox to creditors is having zero impact on Bitcoin’s price.
“Checking data regarding Mt. Gox creditors: no price disparity or volume surge at Kraken; in/outflows are normal. Recent price drop unrelated to Gox creditors. Gox supply in Kraken should be treated as part of the existing retail supply. It’s just sensitive to market sentiment…
Bitcoin price is now actually higher than at the time of the Mt. Gox creditors’ repayment.”
Bitcoin is trading for $66,221 at time of writing, down 3.38% in the last 24 hours.
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Author: Daily Hodl Staff
