Bitcoin 
$76,395 is priced at $113,800 as this article is being prepared. It has not been an optimal day for altcoins. The global risks, ongoing uncertainties, and former President Donald Trump’s pursuit of constant chaos have dampened risk appetite to some extent. BTC has dropped to as low as $112,650 in the last 24 hours. What do the latest evaluations by world-renowned on-chain analyst Ki Young Ju indicate?
Crypto Bear Markets Debunked
In recent months, Ki Young Ju suggested that metrics indicated the beginning of a bear market, but he later retracted this view, even issuing an apology last month. Why was there a misjudgment? The new market structure influenced by ETFs and institutional crypto treasuries disrupted traditional readings of the metrics. This means that while large whales accelerated their sales, crypto bull markets could persist simultaneously.
Accepting this as the nature of the new structure, the on-chain analyst summarized the situation in one sentence today. Bitcoin whales realized their profits, but the lack of a “sell button” on Michael Saylor’s part canceled out the bear markets.
In fact, along with Saylor, we’ve seen many companies following his path, lacking sell buttons themselves. They continuously accumulate, increasing their reserves while their shares appreciate in value, thus boosting their gains. This results in an interesting accumulation cycle. As this cycle keeps turning, it necessitates the increase in Bitcoin’s price.
The Bitcoin Cycle
Until now, the cycles have been consistent with their past patterns. However, we have reached a point where crypto has entered a phase of free verse. Yet, within itself, it is still rhythmic, and we might be in another period that includes longer phases. It can even be said that this period might open stages that haven’t existed before. Approval of ETFs, institutional treasuries and so forth mark the beginning of a never-repeated, continuously progressing new period. Of course, this new period will have phases of its own.
DaanCrypto, in evaluating the cycles below, addresses the unknown future while trying to comprehend and elucidate what I mentioned in the first paragraph. The analyst wrote about the past, present, and future of the cycle:
“This cycle has been incredibly stable. This was thanks to the maturing and growing market, as well as consistent corporate offerings from Saylor, ETFs, and Treasury Companies.
When asked 2-3 years ago, my fundamental prediction for this cycle was in the $120,000-$150,000 range. We reached the lower boundary of this price range, which is already great. Keep in mind, when I said this, the price was $15,000-$20,000, so don’t call me a bear (because I’m not). I will not bind myself to my prediction from 2-3 years ago. We will see where we end up this year.
Honestly, nobody can predict what happens next. I’ll remain optimistic until the long-term trend changes or we clearly enter an exuberant phase where the market overheats rapidly. The truth is, this market likes doing the craziest things in the final stages of its cycle. In 2017, people thought $10,000 was the absolute peak. However, once that level was breached, it only took 6 days to reach $20,000. While that cycle was relatively crazy and the market much smaller, it shows that when you reach the peak, the sky is the limit. This is why I believe in reducing positions on rises and increasing them on drops. You cannot consistently predict the peaks or bottoms, but by averaging your price, you can achieve a solid result that keeps emotions in check.”
