The Bitcoin mid-September rally has noticeably decelerated as the month drew to a close. Despite ending September with a green monthly candle close, the cryptocurrency has dropped below the crucial $65,000 mark once again. This dip in value has caused the fear and greed index to shift from greed to a more neutral sentiment, prompting some Bitcoin investors to second-guess their positions. Nevertheless, CryptoQuant CEO Ki Young Ju remains optimistic and unshaken by these recent fluctuations.
Ki Young Ju asserts that Bitcoin is still amidst a bull cycle, offering a glimmer of hope for investors. The crypto market appears to be entering a historically bullish fourth quarter, a trend that bodes well for Bitcoin’s future. His confidence is not merely speculative; it is grounded in rigorous technical analysis and data.
Ki Young Ju’s bullish outlook stems from the Bitcoin growth rate difference, which provides a nuanced view of the cryptocurrency’s trajectory. This metric compares Bitcoin’s market cap—calculated by multiplying the current price by the total supply of coins—to its realized cap, which reflects the price at which each coin last moved. A higher market cap growth rate signifies that the average coin’s spot price has increased compared to its last recorded movement.
In a technical chart shared on social media platform X, Ki Young Ju highlighted that Bitcoin’s market cap continues to outpace its realized cap, reinforcing his belief that the current bull cycle is ongoing. According to his previous analysis, this upward trend, which began in late 2023, typically lasts around two years on average.
Past bull cycle trends, along with Ki Young Ju’s analysis, suggest that Bitcoin’s bullish phase could persist for at least another year. The cryptocurrency’s fundamentals continue to show promising signs, bolstered by increased inflows from institutional investors.
Institutional interest in Bitcoin remains robust, as evidenced by Spot Bitcoin ETFs. Last week, these ETFs saw the largest inflow—$494.27 million—since July 22. The positive momentum has carried into the new week, with $61.3 million in net inflows reported just yesterday. This institutional involvement, particularly through Spot Bitcoin ETFs, plays a crucial role in sustaining Bitcoin’s price growth.
At the time of writing, Bitcoin is trading at $64,080. The cryptocurrency has struggled to break through the $64,000 resistance, but the underlying technical indicators and growing institutional interest suggest that the bull market is far from over.
