Summary
- Ju Ki-young, CEO of CryptoQuant, stated that if Bitcoin (BTC) surpasses $100,000, he would acknowledge that his previous statement about the end of the bull market was a misjudgment.
- He suggested that if Bitcoin reaches a new all-time high, the cycle prediction theory should be discarded, indicating that the market could develop differently from the past.
- Regarding market fluctuations, he mentioned that the current rise could be temporary and that predicting prices with on-chain indicators is difficult in an event-driven bull market.
Ju Ki-young, CEO of CryptoQuant, stated that if Bitcoin (BTC) surpasses $100,000, he would acknowledge that his previous statement about the end of the bull market was a misjudgment.
On the 23rd (local time), CEO Ju stated on X (formerly Twitter), "After I said the Bitcoin bull cycle was over, Bitcoin fell 10%. It then rose 10% again," adding, "If Bitcoin surpasses $100,000, I will gladly admit that my forecast was wrong."
He said, "Until then, we will go through a process of confirming whether the current rise is a trend reversal or a temporary increase," adding, "In a market where events like Trump's words drive reactions, it is difficult to predict prices with on-chain indicators." He continued, "If Bitcoin hits a new all-time high (ATH) before the fourth quarter, I will boldly abandon the cycle theory," adding, "Unlike the past, a market without a clear cycle can develop in a completely different manner. In such a case, those who have consistently argued for Bitcoin's continuous rise would be proven right."
Previously, on the 6th, CEO Ju Ki-young claimed, "The Bitcoin bull market is over," and "The possibility of a short-term rebound seems low."
Son Min
sonmin@bloomingbit.ioHello I’m Son Min, a journalist at BloomingBit![[Market] Bitcoin breaks below $70,000… Korea premium at 0.31%](https://media.bloomingbit.io/PROD/news/74018332-717e-4495-9965-328fe6f56cb4.webp?w=250)
