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When Could Bitcoin’s Bull Cycle Come to a Close?

Greetings from the world of cryptocurrency! According to the insights shared by Ki Young Ju, the CEO of on-chain market intelligence and analytics platform CryptoQuant, Bitcoin seems to be right in the thick of a bullish cycle.

Ju highlights the noticeable growth in Bitcoin’s market cap, outpacing its realized cap at a faster rate. Historical data indicates that this trend typically lasts for about two years, leading Ju to speculate that this cycle could possibly conclude by April 2025.

As of now, the largest cryptocurrency is trading at $66,166, with a modest 0.1% increase in the past 24 hours. Year-to-date, Bitcoin has seen a remarkable 71% surge in value.

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Recent reports from Ailtra revealed JPMorgan’s cautious stance on Bitcoin’s price surge. The banking giant anticipates that the leading cryptocurrency may not witness a significant upsurge in the immediate future. JPMorgan’s forecast is based on the declining demand for spot Bitcoin ETFs in the U.S. and the lukewarm reception of similar crypto products in Hong Kong.

Following a recent spike in Bitcoin’s price, triggered by a drop in U.S. inflation as per the latest consumer price index (CPI) reading, there is speculation that the U.S. Federal Reserve might consider multiple rate cuts this year.

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With the ETF scenario losing steam, optimistic investors are banking on declining inflation in the U.S. to drive Bitcoin’s price up.

Earlier this month, renowned crypto enthusiast Tom Lee projected that Bitcoin could surpass the $150,000 mark by the end of the year. Fundstrat co-founder Lee is optimistic that U.S. inflation will witness a significant decline in the latter part of 2024.

On the other hand, Mike Novogratz, the CEO of Galaxy Digital, foresees Bitcoin’s price remaining relatively stable in the near future.


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