Cryptocurrency CEO predicts mid-bull market as Bitcoin recovers

In May, the price of Bitcoin fell below 60,000 USD and hit a low of 56,500 USD per unit on May 1, 2024. Bitcoin price, currently $66,900 per unit, shows improvement in June. The founder of market data and blockchain platform Cryptocurrency noted that the uptrend has reached its midpoint and said that if the trend continues, “the bullish cycle could end by April 2025.” Ta.

Debate continues over status of Bitcoin bull cycle amid market recovery

The timing of uptrends remains a mystery and a highly controversial topic. Predictions are always made about its beginning, current state, and completion. Bitcoin is currently trading at $66,900, marking a 10% increase in value against the US dollar over the past week. This price is approximately 10% below the all-time high of $73,794 per unit set on March 14, 2024. Some believe that we have already peaked and cannot expect further growth, while others argue that the hexavalent range is within reach.

On May 17, Ki Yong-joo suggested that the upward trend had reached the average level. “Bitcoin is in the midst of a bullish cycle,” said the Cryptocurrency CEO. “Market value increases faster than realized value, and this trend typically lasts for about two years. If this trend continues, the bullish cycle could end by April 2025. However, many believe the bullish cycle will continue. On-chain analyst Willy Wu pointed out this week that the profit-taking is over.

“Bitcoin [Spent Profit Rate] (SOPR) Update “Profit taking is complete. It took several months,” Wu said. “We’re going to have a very healthy reboot as capital flows back into the network.”

It is unclear whether the experts are right about the current stage of the bullish cycle. Bitcoin's price trend remains uncertain, and opinions are divided on its bullish trend. Some indicators indicate potential peaks, while others indicate the potential for further growth. After all, the unpredictability of the market makes Bitcoin's future valuation an ongoing and interesting mystery.