PANews reported on November 21 that CryptoQuant CEO Ki Young Ju said on social media that the Bitcoin bull market is starting, and pointed out that the current data is similar to the market performance in 2020. He mentioned that the on-chain data in the past few months showed that whales continued to accumulate Bitcoin. At that time, many people were skeptical about this data, but now its rationality is gradually emerging.

He further analyzed that the mining cost doubled after the halving, and the price needs to rise to maintain the profitability of miners. In addition, many traders are shorting Bitcoin, which may drive the bull market through short squeeze. Ki also mentioned that based on the performance of previous halving cycles, Bitcoin's bull market usually starts in the fourth quarter, and whales will not let the market performance at this stage be dull.