Ki Young Ju, the head of CryptoQuant, has stated that on-chain metrics indicate the resurgence of a Bitcoin (BTC) bull market. The CEO shared with his 361,000 followers on the social media platform X that CryptoQuant’s Bitcoin bull-bear market cycle indicator, which monitors shifts in investor sentiment, has returned to a bullish state after a brief period in bear territory.

“Most of the on-chain cyclical indicators for Bitcoin, which were previously hovering near the threshold, have now transitioned back to a bullish signal. BTC experienced a discount for just three days.”

Source: Ki Young Ju/X

According to Ju, the data suggests that the bull market remains strong. However, he warns that if the market fails to rebound within the next fortnight, he may need to reassess his position.

“I track the smart money, so if my analysis is incorrect, it could mean that the new whales are either misinformed or have underestimated the macroeconomic landscape.”

Ju recently highlighted that 404,448 Bitcoin had been transferred to permanent holder addresses within a 30-day timeframe, indicating significant accumulation.

“In a year’s time, various entities—be they traditional finance institutions, corporations, governments, or others—are likely to publicly announce their Bitcoin acquisitions from Q3 2024. Retail investors may regret not purchasing earlier, having been concerned about the German government’s selling, Mt. Gox, or other macroeconomic developments.”

Source: Ki Young Ju/X

As of this writing, Bitcoin is valued at $61,093.

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