CryptoQuant CEO says Bitcoin is exuding sentiment for the 2020 cycle, suggesting a real BTC bull market is underway

The head of blockchain analytics platform CryptoQuant believes that the current Bitcoin (BTC) market cycle may mirror the previous one in 2020-21.

Ki Young Ju tells his 341,600 followers on social media platform

The analyst divides the Bitcoin cycle into three main phases: recovery, the bull market up to the previous all-time high, and the true bull market when Bitcoin reaches new all-time highs.

“Bitcoin gives me the same vibe as it did four years ago.

2020-21:

• $3,000-$9,000 (recovery).
• $9,000 to $19,000 (bull market to previous all-time high).
• $20,000 to $68,000 (the true bull market).

2023-24:

• $15,000-$45,000 (recovery).
• $45,000 to $68,000 (bull market to previous all-time high).
• 68,000-$___,000 (The Real Bull Market).”

The analyst also believes that on-chain data shows that long-standing wealthy investors are selling Bitcoin as the price hovers around its previous all-time high of around $69,000, but traditional finance groups (TradFi) are buying up the supply.

“Old whales are selling Bitcoin to new whales (TradFi), not retail investors. This can be clearly observed down the chain.”

Source: Ki Young Ju/X

The analyst previously said that the level of Bitcoin investment by institutional investors was unprecedented this cycle, totaling $86 billion in the last six months alone.

Bitcoin is trading at $69,286 at the time of writing, down almost 3% in the last 24 hours.

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