On April 23, CryptoQuant CEO Ki Young Ju posted on social media:
"After I announced the end of the bull market cycle, Bitcoin once dropped by 10%, but now the price is 10% higher than when I made my judgment.
I still believe we are in a wide-ranging oscillation zone. If it breaks through the $100,000 mark, I will gladly admit I was wrong. Until then, I will continue to observe data for several weeks to confirm whether this is a true trend reversal.
My analysis focuses on long-term supply and demand relationships based on on-chain data. However, in a market that reacts to every word from Trump, short-term price movements are more event-driven, which makes traditional cyclical on-chain indicators less effective. Of course, even among on-chain analysts, interpretations of data can vary greatly.
If Bitcoin creates a new all-time high before the fourth quarter, I will completely abandon the cycle theory. A market without a clear cycle might be completely different from what we have known before. At that time, the 'dead bulls' will be right—perpetual upward movement."
