CryptoQuant CEO Ki Young Ju has publicly retracted his earlier prediction of an impending Bitcoin bear market, suggesting that conventional cycle theories may no longer apply.
Ju issued an apology acknowledging his April forecast proved inaccurate as Bitcoin’s price surged approximately 54%, reaching $123,236. He attributed this significant rally primarily to the growing dominance of institutional investors and long-term holders driving price movements, rather than the established retail-driven cycles historically observed.
Not all market analysts share Ju’s revised perspective. Jurrien Timmer, Director of Global Macro at Fidelity Investments, maintains that Bitcoin continues to adhere to its established four-year cycle pattern.
This divergence in expert opinions underscores the ongoing debate within the cryptocurrency space regarding the evolving factors influencing Bitcoin’s price trajectory and overall market dynamics. The emergence of institutional capital as a key driver is increasingly challenging long-held assumptions about typical market cycles.