The Bitcoin mid-September rally has slowed down but ended the month in positive territory. However, it has since fallen below $65,000, affecting investor sentiment. Despite this, CryptoQuant CEO Ki Young Ju maintains that Bitcoin is in the middle of a bull cycle. This is seen as a positive sign as the industry enters a historically bullish fourth quarter.
Ki Young Ju’s bullish outlook is supported by technical data, specifically the Bitcoin growth rate difference. This metric compares Bitcoin's market cap to its realized cap, offering insights into market strength. A higher market cap growth rate indicates that Bitcoin's spot price is increasing.
According to a chart shared by Ki Young Ju, Bitcoin's market cap is growing faster than its realized cap, suggesting continued bullish momentum. He notes that this trend typically lasts for about two years, having started in late 2023. This implies Bitcoin may continue to experience a bull cycle for more than another year.
Additional factors supporting Bitcoin's growth include increased institutional investment. Spot Bitcoin ETFs have seen significant inflows, signifying growing interest. Institutional investments are crucial for sustained price growth. Bitcoin is currently trading at $64,080, supported by positive fundamentals.
