As a seasoned crypto investor with a keen interest in market trends and analysis, I find Ki Young Ju’s perspective on Bitcoin’s bullish cycle intriguing. Based on his historical data and market cap growth rate, he projects that this cycle could last until April 2025. While it’s essential to consider multiple viewpoints, this prediction aligns with my long-term investment strategy.
Based on the insights shared by Ki Young Ju, the CEO of CryptoQuant, a leading platform for on-chain market intelligence and analytics, Bitcoin‘s current trend suggests that we’re still in the midst of a bullish phase.
The analyst has highlighted that the company’s market capitalization is expanding more rapidly than its historical valuation.
According to historical patterns, this trend is expected to persist for approximately two years. Consequently, it’s predicted that this cycle could conclude around April 2025.
Bitcoin, the biggest cryptocurrency, is now priced at approximately $66,166 following a minor increase of 0.1% in the last 24 hours. Year to date, Bitcoin has experienced a significant growth of around 71%.
According to a report by U.Today, JPMorgan, a major player in the banking industry, has forecasted that the price of Bitcoin may not see significant growth in the short term. This prediction stems from the decreasing demand for spot Bitcoin Exchange-Traded Funds (ETFs) in the United States and the lackluster debut of similar cryptocurrency products in Hong Kong.
As a crypto investor, I’ve noticed an exciting development in the Bitcoin market this week. The release of the latest Consumer Price Index (CPI) figures showed signs of decreasing inflation in the U.S. This news has caused a surge in Bitcoin’s price, as it increases the likelihood that the Federal Reserve will consider reducing interest rates multiple times throughout the year.
As a researcher observing the current market trends, I’ve noticed that the excitement surrounding Exchange-Traded Funds (ETFs) seems to be subsiding. However, there is a new narrative emerging among bullish investors: the belief that U.S. inflation will decrease.
I, as an analyst, recently noted that Tom Lee, a well-known cryptocurrency bull from Fundstrat, forecasted that Bitcoin’s price could potentially reach over $150,000 by the end of this year. His optimistic view is primarily based on his expectation that U.S. inflation will significantly decrease during the second half of 2024.
Mike Novogratz, CEO of Galaxy Digital, anticipates that Bitcoin’s price will stay within a certain range in the short term.
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2024-05-17 19:27