$BTC - Analyst Says BTC Cycle Top Will Be in 2025, Not 2024 - AMB Crypto Analytics

Bitcoin has been in a downtrend since June, but CryptoQuant CEO Ki Young Ju believes it is still in the “mid-cycle.” He notes that BTC trading volume dominance on Coinbase is at early 2024 levels, suggesting a lack of US investor activity needed to push Bitcoin higher.

On-chain data supports this view. UTXO age bands show profit-taking behavior, with peaks and troughs appearing between cycle peaks, suggesting that holders believe a peak is near. This pattern suggests accumulation ahead of the April 2024 halving, suggesting the cycle top could be a year away.

The Puell Multiple, which reflects miner profit-taking, also peaked in March 2024, further suggesting that Bitcoin's current cycle is only halfway through.