CryptoQuant CEO: Bitcoin bull market is starting, current data is similar to 2020
CryptoQuant CEO Ki Young Ju said on social media that the bitcoin bull market is kicking off, noting that the current data is similar to the market performance in 2020. He mentioned that the on-chain data over the past few months showed that whales continued to accumulate bitcoin, which many people were skeptical of at the time, but now its rationality is gradually emerging.
He further analyzed that after the halving, the cost of mining doubled, and the price needed to rise to maintain the profitability of miners. In addition, many traders are shorting Bitcoin, which may promote the development of the bull market through the short squeeze. Ki also mentioned that based on the performance of previous halving cycles, Bitcoin's bull market usually starts in the fourth quarter, and whales will not let this stage of market performance be flat.