The Bitcoin frenzy continues, with its price today breaking through $97,000, briefly touching $97,852 to set a new all-time high before retreating, currently reported at $96,935, with a near 24-hour increase of 4.45%.
CryptoQuant CEO: Current Bitcoin data is similar to the early stages of the 2020 bull market.
Against the backdrop of Bitcoin continuously hitting new highs, CryptoQuant CEO Ki Young Ju tweeted earlier today (21st) with the 'Bitcoin Bull and Bear Market Cycle Indicator Chart', stating that Bitcoin's bull market has begun, and the data presented in the indicators is similar to the early stages of the 2020 bull market.
The Bitcoin frenzy continues, with its price today breaking through $97,000, briefly touching $97,852 to set a new all-time high before retreating, currently reported at $96,935, with a near 24-hour increase of 4.45%.
CryptoQuant CEO: Current Bitcoin data is similar to the early stages of the 2020 bull market.
Against the backdrop of Bitcoin continuously hitting new highs, CryptoQuant CEO Ki Young Ju tweeted earlier today (21st) with the 'Bitcoin Bull and Bear Market Cycle Indicator Chart', stating that Bitcoin's bull market has begun, and the data presented in the indicators is similar to the early stages of the 2020 bull market.
Next, Ki Young Ju stated that by the end of May, he had already pointed out that the atmosphere of whale activities on-chain was similar to mid-2020, but the market performance afterward did not meet expectations, which made him doubt the accuracy of the data. However, this month's Bitcoin rally has made him believe again that the data is correct and that the bullish trend is gradually becoming clearer.
For months, I have been observing the accumulation phenomenon of 'whales' (addresses holding large amounts of Bitcoin) shown in on-chain data. Although at the time some criticized the exaggeration of these data, and even I had doubts about the accuracy of the data, it has now been proven that these data are correct.
The capital inflow of these 'whales' is forming a strong support force, and as the bullish trend becomes clearer, the accumulation behavior from the past seems to reveal the logic and intention behind it.
In addition, Ki Young Ju further analyzed the reasons for Bitcoin's rise:
After the Bitcoin block reward halving, the cost doubles, and the price needs to rise to maintain miner profitability.
Many traders are shorting Bitcoin, and the market may drive the bull market through a 'short squeeze'.
Based on past halving cycle performance, Bitcoin bull markets typically start in the fourth quarter (October to December).
Many companies are listing Bitcoin as a reserve asset.
On the other hand, after Trump was elected, he promised to make Bitcoin a strategic reserve asset for the United States. Although the market believes the likelihood of implementation is low, Trump's statement has prompted U.S. publicly listed companies to begin purchasing Bitcoin as a reserve asset.
Education group Genius Group (NYSE: GNS) announced on November 18 that it purchased 110 Bitcoins for $10 million, with an average purchase price of $90,932.
Biopharmaceutical company Hoth Therapeutics (NASDAQ: HOTH) announced on November 20 that its board of directors approved the purchase of up to $1 million in Bitcoin.
Biopharmaceutical company Acurx Pharmaceuticals (NASDAQ: ACXP) announced on November 20 that its board of directors approved the purchase of up to $1 million in Bitcoin as a reserve asset.
U.S. publicly listed company LQR House announced on November 19 that its board of directors approved the purchase of up to $1 million in Bitcoin as a reserve asset.
Additionally, the well-known U.S. publicly listed company MicroStrategy, which holds the largest amount of Bitcoin, currently holds 331,200 BTC, with a total value of its Bitcoin holdings rising to $31.7 billion, with a total holding cost of $16.518 billion, realizing a profit of over $15 billion.
