CEO of CryptoQuant Expects Bitcoin Bull Market to Begin with Break of $98,300 Peak

Bitcoin is steadily approaching the monumental $100,000 milestone, with on-chain data suggesting that the ongoing bull run is still in its early stages.

Today, Bitcoin reached an all-time high of over $98,000, surpassing its previous peak of $93,000 earlier this week. The current price of $98,300 is just 2% away from the highly anticipated $100,000 mark, indicating that the cryptocurrency may have more room to grow.

Experts believe that the recent surge in Bitcoin’s price may only be the beginning of a larger upward trend, drawing comparisons to historical patterns. Data from CryptoQuant shows a shift in Bitcoin’s Bull-Bear Market Cycle Indicator, entering a zone associated with bullish market behavior similar to early 2020.

CryptoQuant CEO Ki Young Ju highlighted the recent whale accumulation on the blockchain as a driving force behind the rally, suggesting increased investor confidence. Additionally, rising mining costs post-halving are contributing to the bullish outlook, with miners requiring higher prices to remain profitable.

The current market trajectory aligns with previous fourth quarter performances following halving cycles, hinting at potentially significant gains in the coming months. In 2020, Bitcoin saw a steep rise in cumulative returns during Q4, pointing towards a similar trend in the upcoming cycle.

Young Ju predicts that 2024 will follow a similar trajectory, with whales likely pushing for continued growth to avoid a flat year-over-year performance. Bitcoin’s current rally is structured in three key phases – recovery, consolidation, and expansion – mirroring historical patterns seen in previous cycles.

The cryptocurrency’s rise from $45,000 to $68,000 is seen as a consolidation phase, aimed at surpassing its previous all-time high of $68,000. The subsequent expansion phase historically sees a significant surge in price, potentially pushing Bitcoin to establish new cycle highs well beyond $100,000.