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On April 23rd, CryptoQuant CEO Ki Young Ju posted on social media, stating: After I announced the end of the bull market cycle, Bitcoin fell by 10% at one point, but now the price is 10% higher than when I made my own judgment. I still believe that we are in a wide range of fluctuations. If I break through the $100000 mark, I will gladly admit my mistake. Before that, I will continue to observe the data for several weeks to confirm whether this is a true trend reversal. My analysis focuses on the long-term supply and demand relationship based on on on chain data. But in this market that responds to every word Trump says, short-term price movements are more event driven, which makes traditional cyclical on chain indicators difficult to work. Of course, even among on chain analysts, the interpretation of data may vary greatly. If Bitcoin reaches a historic high before the fourth quarter, I will completely abandon the cycle theory. A market without a clear cycle may be vastly different from our previous understanding. At that time, the dead bulls will be right - a sustainable upward trend