CryptoQuant CEO Says Bitcoin (BTC) Bull Market Is Not Over, Cycle Top Still a Ways Off

The chief executive of market intelligence platform CryptoQuant says that Bitcoin (BTC) still has a ways to go before reaching its cycle top.

A CryptoQuant executive claims that Bitcoin (BTC) is still far from reaching its cycle peak.

In a recent thread on X, CryptoQuant CEO Ki Young Ju argues that those predicting an imminent bear market for BTC are likely overlooking on-chain data, which shows that the crypto king has been in a bull market for the past two years.

According to Ju, crypto whales accumulating large amounts of the top crypto asset by market cap has transformed from a noteworthy event to a routine occurrence, indicating that the bull market is still ongoing.

“The narrative of whale accumulation on Bitcoin has become so common that it’s now daily chatter. Just 2-3 years ago, news of whales accumulating would send shockwaves through the market. Today, it’s no longer breaking news – it’s just expected, routine information…

Right now, we’re clearly in a bull market, with on-chain data showing $7 billion in weekly capital entering the market…

News of whale accumulation no longer moves people – maybe because analysts, including me, have been calling it a bull market for the last two years. But the bull market isn’t over. If Bitcoin enters a bubble, all the analysts would be screaming about the cyclical top.”

Ju further notes that BTC is not in a “bubble,” which he defines as a situation where an asset’s market price significantly outpaces the capital flowing into it, and that the cycle peak is not close.

“For now, it’s obviously not a bubble. Sure, corrections can happen, but amid a bull cycle, it’s very unlikely we’ll see more than a 30% drop. Even if such a drop happens, it would likely be short-lived, with prices potentially going up more than 30% after the correction.

The peak of this Bitcoin cycle still seems far off. For those predicting the start of a bear market, I’d like to hear their reasoning.”

At the time of writing, Bitcoin is trading at $96,387, down 1.9% over the past 24 hours.