CryptoQuant’s CEO, Ki Young Ju, has shared insights suggesting that on-chain data indicates the return of a Bitcoin (BTC) bull market. In a recent update to his 361,000 followers on X, Ju noted that CryptoQuant’s Bitcoin bull-bear market cycle indicator has shifted back to a bullish stance after a short dip into bear territory.

“Many Bitcoin on-chain cyclical indicators that were previously teetering on the edge have now reverted to signaling a bull market. BTC was undervalued for a mere three days,” Ju stated.

Source: Ki Young Ju/X

According to Ju’s analysis, he remains confident that the bull market is still in play. However, he mentioned that if the market does not show signs of recovery within the next two weeks, he might need to reassess his outlook. “I track the smart money; if I’m incorrect, it could indicate that the new whales are either misinformed or not fully accounting for the macroeconomic landscape,” he explained.

Ju also highlighted that over the past month, 404,448 Bitcoin have transitioned to addresses classified as permanent holders, a strong marker of accumulation. “In the coming year, various entities—be they traditional finance institutions, corporations, or governments—will likely announce their Bitcoin acquisitions from Q3 2024. Retail investors may end up regretting their hesitance due to concerns over the German government’s actions, Mt. Gox, or other macroeconomic issues.”

Source: Ki Young Ju/X

As of now, Bitcoin is trading at $61,093.

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