CryptoQuant CEO Ki Young Ju says Bitcoinโs current rally appears to be supported by months of accumulation by whales.
Bitcoinโs (BTC) ongoing rally toward the $100,000 mark mirrors the price surge seen in 2020, when the cryptocurrencyโs value surged sixfold to reach $67,000, CryptoQuant CEO Ki Young Ju said in a recent X thread.
#Bitcoin bull market is starting, with data resembling 2020.
Thread ๐งต pic.twitter.com/7BMKxhdYQX
— Ki Young Ju (@ki_young_ju) November 21, 2024
Ju emphasized that previous on-chain data signaling Bitcoin accumulation by whales over several months has proven accurate, despite initial doubts about the dataโs credibility. โMany criticized the data as exaggerated,โ Ju admitted, โbut now the reason for the accumulation seems to be becoming pretty clear.โ
2/ Mining costs doubled after the halving, and the price needs to go up to maintain mining profitability.https://t.co/3RBhnsNeeX
— Ki Young Ju (@ki_young_ju) November 21, 2024
The CryptoQuant CEO also pointed to the doubling of crypto mining costs following the April halving, which reduced mining rewards from 6.25 BTC to 3.125 BTC. He noted that Bitcoinโs price โneeds to go up to maintain mining profitability.โ On the potential for further price increases, Ju suggested that โmany traders are shorting, fueling the bull market with a short squeeze,โ though the exact timing of any price explosion remains uncertain.
Reflecting on past comments about Bitcoinโs price peak, Ju acknowledged that his predictions โdidnโt age wellโ when he previously called for a short-term correction โin the middle of the bull market.โ Nonetheless, he reaffirmed his commitment to โspeak upโ if a bear market โseems to be confirmed.โ As of press time, Bitcoin is trading at $97,444, up 160% since the start of the year.
