CryptoQuant CEO admits he was wrong about Bitcoin bull cycle

Airdrop Is Live CaryptosHeadlines Media Has Launched Its Native Token CHT. Airdrop Is Live For Everyone, Claim Instant 5000 CHT Tokens Worth Of $50 USDT. Join the Airdrop at the official website, CryptosHeadlinesToken.com CryptoQuant CEO Ki Young Ju says he was wrong about the Bitcoin bull cycle being “over” after BTC recently surpassed the $100k mark. He believes that the market is currently in a transitional phase.In a recent post, CryptoQuant founder and CEO Ki Young Ju apologized to his followers for making an incorrect prediction regarding the end of Bitcoin (BTC) bull cycle earlier in March 2025. This was proven by the apparent comeback BTC made when it returned to the $100k mark on May 8, shortly after President Trump announced a new trade deal with the U.K.“I apologize for the incorrect prediction. I will strive to provide higher-quality analyses in the future. Thank you,” said Ju.He concluded that the BTC market no longer relies on the traditional whale and retail-dominated model, instead it is diversified by the presence of ETFs and other institutional players.“The Bitcoin market has become much more diverse. ETFs, MicroStrategy (MSTR), institutional investors, and even government agencies are considering buying and selling Bitcoin,” said Ju in his post.As a result, the CryptoQuant CEO stated that it may be time to throw out the practice of only using “profit-taking cycles” to measure market sentiment. These cycles are demonstrated by whales cashing out during peak price periods, which usually triggers a domino effect of sell-offs that eventually lead to a price drop.“Now, instead of worrying about old whales selling, it’s more important to focus on how much new liquidity is coming from institutions and ETFs since this new influx can outweigh even strong whale sell-offs,” continued Ju.Price chart for Bitcoin in the past few days, May 9, 2025 | Source: crypto.news At press time, BTC has gone up by more than 3% in the past 24 hours. It is currently trading hands at $102,773. This is the first time BTC has surpassed the $100,000 threshold since February this year. However, its daily trading volume has dipped by over 30% to $51 billion.Although Ju believes that the indicators of a bearish or a bullish market are changing, he still maintains the significance of analysing on-chain data to determine the direction of the market, as he has done in previous market analyses.Overall, Ju stated the market is currently in a transitional period, where it is neither bullish nor bearish at the moment. This is because he observed that the market is still slow in absorbing new liquidity.“Of course, the recent price action is extremely bullish, but I’m talking about the profit-taking cycle,” clarified Ju.Back in March, Ki Young Ju predicted that in the next six to 12 months, Bitcoin will see “bearish or sideways price action.” To support his point, Ju shared a historical chart, which highlighted BTC’s profit and loss index cyclical signals dating back from 2014 until the present day.Shortly after, Bitcoin had continued to descend until it dipped below $75,000 after Trump announced his Liberation Day blanket tariffs. Source link