CryptoQuant CEO Unveils Bitcoin Bull Market Top Timeline, Says Mt. Gox Repayments Having No Impact on BTC Price - The Daily Hodl (2024)
Ki Young Ju, the CEO of blockchain analytics platform CryptoQuant, is predicting when the ongoing Bitcoin (BTC) bull market will reach its peak.
Ju tells his 356,900 followers on the social media platform X that Bitcoin’s bull market could continue for another year based on BTC’s realized price for accumulation addresses.
“Bitcoin bull cycle likely until mid-2025. Old whales take profits during bull markets. Their selling brings new capital into accumulation addresses, raising realized prices. Past cycles had profit realization periods of about 18 months. It started four months ago this time.”
The realized price is the average price of Bitcoin in circulation calculated based on the price at which they were last moved. Meanwhile, accumulation addresses are wallets that received BTC but never spent their stack.
Ju says he is confident in his prediction that the bull market cycle is far from over based on historic precedence.
“I know that this type of prediction is extrapolated, but it seems pretty clear that we are still in the early phase of a bull market. I wrote this prediction just for the record so that I can brag about it later.”
Ju also says that the widely feared BTC distribution of the defunct crypto exchange Mt. Gox to creditors is havingzeroimpact on Bitcoin’s price.
“Checking data regarding Mt. Gox creditors: no price disparity or volume surge at Kraken; in/outflows are normal. Recent price drop unrelated to Gox creditors. Gox supply in Kraken should be treated as part of the existing retail supply. It’s just sensitive to market sentiment…
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The Bitcoin bull-bear market cycle indicator, a metric that tracks phases of investor sentiment in the Bitcoin (BTC) market, recently signaled a bear phase following the macroeconomic downturn resulting from rising Japanese interest rates and a strengthening yen.
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If this pattern continues into 2030, the price could peak around 2029 or 2030, potentially aligning with Wood's price prediction. If Wood is correct and Bitcoin reaches $3.8 million, a $100 investment in Bitcoin today would be worth $5,510 in 2030. This translates to a compounded annual growth rate (CAGR) of over 95%.
"Bitcoin has plummeted to around $53,000, marking a significant decline, while Ether has also turned negative for 2024, reflecting broader concerns in the crypto sector. This downturn is driven by regulatory pressures, adverse macroeconomic factors like weak US job data, and the Japanese stock market crash.
The market is expected to see a low price of $30,225, with a potential move to the $51,438 level in 2024. In 2025, the low is expected to be $39,512, with a high of $62,723. The average price in 2024 is roughly $40,000.
The money was meant to be a AUD100 refund from cryptocurrency platform, Crypto.com, but due to an accounting error, more than 10.4 million was sent to his partner Thevamangari Manivel's account.
What Is the Biggest Bitcoin Hack In History? Only counting bitcoins, Mt.Gox is likely the largest bitcoin hack, with more than 650,000 bitcoins stolen.
The biggest cryptocurrency hack to date took place in March 2022 when hackers attacked the Ronnin network supporting the popular Axie Infinity blockchain gaming platform. They stole approximately $625 million worth of Ethereum and the USDC stablecoin.
Abstract. At the end of 2017, the Bitcoin price dropped significantly by approximately 70% over the two months. Since the introduction of Bitcoin futures coincided with this market crash, it is said that the new financial instrument might have caused the market crash.
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