CryptoQuant CEO: The Bitcoin bull market is starting, the current data is similar to that of 2020

CryptoQuant CEO Ki Young Ju stated on social media that the Bitcoin bull market is starting, noting that current data resembles the market performance of 2020. He mentioned that chain data over the past few months shows whales continuously accumulating Bitcoin. Many people were skeptical about this data at first, but its validity is gradually becoming apparent.

He further analyzed that after halving, mining costs doubled and prices need to rise to maintain miners' profitability. In addition, many traders are shorting Bitcoin, which could potentially drive bull market development through a short squeeze. Ki also noted that based on previous halving cycle performances, Bitcoin's bull markets usually start in the fourth quarter and whales won't let this phase of market performance be unremarkable.