Bitcoin Price Above $100,000: CryptoQuant CEO Says It’s Time To Throw Out ‘Cycle Theory’
Ki Young Ju, CEO of CryptoQuant, revised his bearish outlook after Bitcoin surpassed $100,000, surprising the market. He noted that the current market dynamics differ from previous cycles, as it no longer relies on traditional Bitcoin whales, retail investors, and miners for price movements. The introduction of Spot Bitcoin ETFs in 2024 has diversified liquidity sources, allowing institutional investors to participate significantly. This influx of liquidity means large sell-offs from whales have less impact on Bitcoin's price. Ju suggests that the cycle theory may need reevaluation due to these changes in liquidity flow. Currently, the market shows no clear bearish or bullish trends, remaining sluggish in absorbing new liquidity. Bitcoin's price strength continues, with bulls targeting new highs above $109,000, and 99% of Bitcoin holders are reportedly in profit.
