CryptoQuant CEO: Bitcoin bull market is starting, current data similar to 2020

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CryptoQuant CEO Ki Young Ju stated 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 in the past few months, on chain data 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 after halving, mining costs would double and prices would need to rise to maintain miners' profitability. In addition, many traders short Bitcoin, which may drive the bull market through bearish pressure. Ki also mentioned that based on the performance of past halving cycles, Bitcoin's bull market usually starts in the fourth quarter, and whales will not let this stage of market performance be lackluster.

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