CryptoQuant CEO Ki Younger Ju has revised his earlier prediction that the Bitcoin (BTC) bull cycle had ended, citing a shift in market construction and important inflows by way of exchange-traded funds (ETFs) which are serving to to soak up promote strain.
In a Could 9 social media submit, Ju acknowledged his March forecast was untimely and the present market situations point out that the Bitcoin cycle concept might have advanced past its historic patterns.
New Gamers, new patterns
Traditionally, Bitcoin’s value cycles have been pushed by a slender set of actors: early whales, miners, and retail merchants. These gamers usually operated in a boom-and-bust sample, with whales unloading massive quantities of Bitcoin when retail curiosity waned, triggering cascades of sell-offs.
Ju likened this to “a sport of Musical Chairs,” the place everybody tried to exit on the identical time, leaving late movers caught with depreciating belongings.
Now, with institutional traders, Technique, and even authorities businesses getting into the market, Ju believes the panorama has modified. These actors are likely to have longer funding horizons and function underneath totally different motivations, resembling treasury diversification or regulated fund mandates.
Ju believes this new base of demand helps soak up promote strain extra effectively and easy out the volatility that after outlined Bitcoin’s cycle tops.
He stated:
“…It feels prefer it’s time to throw out that cycle concept.”
Sluggish however secure
Regardless of current bullish value actions, Ju described the present section as sluggish, noting that almost all on-chain indicators stay close to impartial. Whereas the market isn’t displaying the explosive upside typical of previous peaks, it’s additionally not collapsing underneath profit-taking strain.
He believes the regular inflows from ETFs are a key issue supporting costs, permitting Bitcoin to soak up previous provide with out triggering the standard cycle of panic promoting. This implies a maturing market construction, the place capital rotation occurs extra steadily and fewer destructively.
A protracted-term chart shared by Ju reveals Bitcoin’s profit-taking sign flattening in comparison with prior tops, reflecting a slower, extra secure adjustment somewhat than a dramatic reversal.
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