Bitcoin’s recent rally above $94,000 has reignited speculation about the current market cycle. Is the 2025 bull run still in motion, or is this just a temporary rebound in a broader downtrend?
CryptoQuant CEO Ki Young Ju, a respected voice in the crypto analytics community, recently admitted that he may have called the market top too early. Just weeks ago, Ju predicted a cycle peak, but Bitcoin has since climbed 10% higher from the moment of his forecast, prompting a reassessment of his stance.
In an April 23 post on X, Ju clarified his updated perspective: while Bitcoin remains range-bound, a breakout above $100,000 could signal a paradigm shift. More notably, he said a new all-time high (ATH) before Q4 2025 would lead him to abandon traditional market cycle theory.
“If Bitcoin hits a new ATH before Q4, I’m ready to throw out the cycle theory,” Ju posted. “A market without clear cycles could look very different from what we’ve experienced. In that case, the permabulls were right. Up only.”
Institutional Demand Driving Bitcoin’s Price Surge
One of the key forces behind Bitcoin’s push above $90K has been renewed interest from large institutional investors. Data from CryptoQuant reveals significant whale accumulation on major exchanges, including Binance and Coinbase. Each rally appears to coincide with heavy buying from deep-pocketed players, fueling optimism that institutional capital is supporting this upward move.
On-chain metrics further reinforce this narrative. Long-term Bitcoin holders—those who’ve held their coins for more than five months—have resumed accumulation after a period of distribution. This shift suggests growing confidence in Bitcoin’s long-term value, even as short-term traders continue to take profits.
Bloomberg ETF analyst Eric Balchunas also pointed to a changing ownership structure as a factor in Bitcoin’s resilience. Institutional giants and corporations have purchased substantial amounts of BTC, absorbing supply that once overwhelmed retail-driven markets.
BTC Price Update and Technical Outlook
Bitcoin’s performance this past week has been particularly strong. After a pullback in late March that raised concerns of a cycle top, the cryptocurrency bounced back with a weekly gain of 10.2%. This outpaced the overall crypto market, which rose 9.0% in the same timeframe.
At the time of writing, Bitcoin is trading at $92,701—down 0.8% intraday, but firmly holding within a 24-hour range of $92,078 to $94,320. The current consolidation phase is typical after a strong bullish move and suggests the market is cooling before the next possible leg up.
Despite this strength, Bitcoin remains 14.7% below its all-time high of $108,786. However, considering its historical context—up nearly 137,000% from its 2013 low of $67.81—the price remains in rarefied territory.
Bitcoin currently holds a commanding 61.4% dominance over the cryptocurrency market, solidifying its role as the primary driver of sentiment across digital assets. Whether it can break past $100,000 and rewrite the rules of market cycles remains one of 2025’s most closely watched crypto stories.
