The CEO of blockchain analytics platform CryptoQuant believes that Bitcoin (BTC) is only halfway through its current bull cycle, according to a recent post on the social media platform X. Ki Young Ju, who has a following of 346,000 users, explains that BTC’s market cap is growing faster than its realized cap, which typically lasts for about two years. He predicts that if this trend continues, the bull cycle may end in April 2025.

As of the time of writing, BTC is trading at $67,014. The top-ranked cryptocurrency has seen a 2% increase in the past 24 hours and a 10% increase in the past seven days in terms of market cap.

CryptoQuant, the firm led by Young Ju, has observed that short-term holders are selling Bitcoin at low or negative profits. The firm suggests that traders have exhausted their unrealized profits, resulting in decreased selling pressure in the BTC market.

Additionally, CryptoQuant has noticed that Bitcoin balances at over-the-counter (OTC) trading desks have stabilized, indicating that less supply is entering the market.

However, the analytics firm does warn that BTC demand from long-term holders and institutional investors needs to accelerate in order to sustain the price rally.

It is important to note that the opinions expressed in this article are not investment advice. Investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are done at the individual’s own risk, and any losses incurred are the responsibility of the investor. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets, and is not an investment advisor.