PANews reported on April 23 that Ki Young Ju, founder and CEO of CryptoQuant, posted on the X platform: “Bitcoin fell 10% after I said the bull cycle was over - but now its price is 10% higher than when I made that judgment. I still think we are in a wide range of fluctuations. If Bitcoin breaks through $100,000, I will be happy to admit that I was wrong. Before that, I will keep an eye on the data for a few more weeks to see if this is really a trend reversal.

I focus on using on-chain data to analyze long-term supply and demand. But in a market that reacts to Trump’s every word, short-term price movements are more event-driven, making it more difficult to analyze them with cyclical on-chain indicators. Of course, even among on-chain analysts, there can be differences in the interpretation of the data. If Bitcoin hits new highs before Q4, I’m ready to throw out the cycle theory. A market without clear cycles is likely to be very different from what we’ve experienced. In this case, those who are always bullish are right. It can only go up, not down.”