Bitcoin mirrors 2020 bull phase, CryptoQuant CEO says

CryptoQuant CEO Ki Young Ju says Bitcoin’s current rise is supported by whales’ accumulation for months.

CryptoQuant CEO Ki Young Ju said in a recent X thread that Bitcoin (BTC)’s continued rise towards $100,000 mirrors the price increase seen in 2020, when the cryptocurrency’s value increased sixfold to $67,000.

#Bitcoin bull market is starting, with data resembling 2020.

Thread 🧵 pic.twitter.com/7BMKxhdYQX

— Ki Young Ju (@ki_young_ju) November 21, 2024

Ju emphasized that despite initial doubts about the reliability of the data, previous on-chain data indicating whales accumulated Bitcoin over several months has been proven accurate. “Many people criticized the data as exaggerated,” Ju admitted, “but now the reason for the accumulation is becoming quite clear.”

2/ Mining costs doubled after the halving, and the price needs to go up to maintain mining profitability.https://t.co/3RBhnsNeeX

— Ki Young Ju (@ki_young_ju) November 21, 2024

CryptoQuant CEO also pointed out that crypto mining costs doubled following the halving in April, which reduced mining rewards from 6.25 BTC to 3,125 BTC. He stated that Bitcoin’s price “must rise to maintain mining profitability.” As for the potential for further price increases, Ju suggested that “many traders are shorting, fueling the bull market with a brief squeeze,” though the exact timing of any price explosion remains unclear.

Commenting on past comments regarding Bitcoin’s price peak, Ju acknowledged that his predictions “haven’t aged well” while he had previously called for a short-term correction “in the middle of a bull market.” However, he reiterated his determination to “speak out” if the bear market “appears to be confirmed.” As of the moment of publication, Bitcoin is trading at $97,444, up 160% since the beginning of the year.