Ki Young Ju, the head of CryptoQuant, has declared that on-chain metrics indicate the return of a Bitcoin (BTC) bull market. The CEO shared insights with his 361,000 followers on the social media platform X, noting that CryptoQuant’s Bitcoin bull-bear market cycle indicator—designed to measure investor sentiment—has reverted to a bullish stance after a brief period in bear territory.

“Most on-chain cyclical indicators for Bitcoin, which were hovering around the threshold, have now transitioned back to indicate a bull market. BTC was only undervalued for a mere three days,” he stated.

Source:
Ki Young Ju/X

Ju expressed confidence in the ongoing bull market but mentioned that should the market fail to bounce back within the next fortnight, he would need to reassess this view. “I pay attention to the smart money; if I’m mistaken, it suggests that new whales are either misinformed or have underestimated the macroeconomic landscape,” he added.

In a recent update, he highlighted that 404,448 Bitcoin had been transferred to long-term holder addresses over the past month, underscoring a trend of accumulation. “Within a year, various entities—be they traditional financial institutions, corporations, or governments—are likely to announce that they acquired Bitcoin in Q3 2024. Retail investors may end up regretting their indecision, influenced by concerns over the German government’s potential sell-off, Mt. Gox, or other macroeconomic uncertainties,” he remarked.

Source: Ki Young Ju/X

At the time of this report, Bitcoin is valued at $61,093.

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