CryptoQuant CEO Ki Young Ju stated on social media that the Bitcoin bull market is starting, and pointed out that current data is similar to the market performance in 2020. He mentioned that over the past few months, on-chain data shows that whales have been continuously accumulating Bitcoin, which many were skeptical about at the time, but now its validity is gradually becoming apparent.

He further analyzed that the mining cost has doubled after the halving, and the price needs to rise to maintain miners' profitability. Additionally, many traders are shorting Bitcoin, which could push the bull market forward through short squeezes. Ki also mentioned that based on past halving cycles, Bitcoin bull markets typically start in the fourth quarter, and whales won't let the market performance during this phase be mediocre.