The CEO of blockchain analytics platform CryptoQuant believes that Bitcoin (BTC) is only halfway through its current bull market cycle. Ki Young Ju, who has a following of 346,000 on the social media platform X, explains that BTC’s market capitalization is growing at a faster rate than its realized capitalization. This trend typically lasts for about two years. According to Young Ju, if this pattern continues, the bull market cycle could come to an end by April 2025.

As of now, BTC is trading at $67,014. The leading cryptocurrency by market cap has seen an increase of over 2% in the past 24 hours and over 10% in the past seven days.

Young Ju’s company, CryptoQuant, observes that short-term holders are selling BTC at low or negative profits. The firm notes that traders have exhausted their unrealized profits, which has reduced selling pressure in the BTC market.

CryptoQuant also highlights that Bitcoin balances at over-the-counter (OTC) trading desks have stabilized, indicating that less supply is entering the market.

However, the analytics firm cautions that BTC demand from long-term holders and institutional investors needs to accelerate in order to sustain the price rally.

It’s important to note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin or other cryptocurrencies.