Bitcoin‘s price faced significant challenges in May, dropping below $60,000 to a low of $56,500 per unit on May 1, 2024. Currently, Bitcoin is valued at $66,900 per unit, showing signs of recovery as June approaches. The founder of the on-chain and market data platform Cryptoquant suggests that the bull run is at its midpoint, predicting that if the trend continues, “the bull cycle might end by April 2025.”
Debate Over Bitcoin Bull Cycle’s Status Continues Amid Market Recovery
The timing of Bitcoin’s bull run remains a highly debated topic. Predictions about its onset, current status, and conclusion are constantly speculated upon. Presently, BTC is trading at $66,900, marking a 10% increase in value against the U.S. dollar over the past week. This price is approximately 10% below the all-time high of $73,794 per unit, reached on March 14, 2024. Some analysts believe that Bitcoin has already peaked, while others argue that the six-digit price zone is within reach.
On May 17, Ki Young Ju, CEO of Cryptoquant, explained that the bull run is at its midpoint. “Bitcoin is in the middle of the bull cycle,” he stated. “Its market cap is growing faster than its realized cap, a trend that typically lasts around two years. If this pattern continues, the bull cycle might end by April 2025.” Despite some price stagnation, many still believe the bull cycle is ongoing. This week, on-chain analyst Willy Woo noted that profit-taking has concluded.
“Bitcoin [Spent Output Profit Ratio] (SOPR) update. Profit-taking has completed, it took 2 months,” Woo said. “A very healthy reset, against a backdrop of capital flows into the network climbing again.”
Whether experts are correct about the current stage of the bull cycle remains uncertain. Bitcoin’s future trajectory is still unclear, with varied opinions on the bull run’s status. Some indicators suggest a possible peak, while others imply potential for further growth. Ultimately, the market’s unpredictability makes Bitcoin’s future valuation an ongoing and intriguing mystery.
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