A prominent cryptocurrency analyst Ki Young Ju has made a bold claim, saying that Bitcoin is finally on the bull market cycle after the apex cryptocurrency crossed the $30k level.
If you have been following up on the crypto market since the year started, it has a cycle of ups and downs. This minute you see Bitcoin and other altcoins increasing in price, and the next, you will see them racing down their price charts leaving them well below expectations in several cases.
Bitcoin has faced hurdles in surpassing the $30k mark, making it unsurprising that a market analyst has declared the start of a Bitcoin bull run season now that the cryptocurrency has finally reached that milestone.
In a new tweet, the CryptoQuant head explained that the Bitcoin price-earnings ratio (PER) already has a bullish stance on the market. The price-earnings ratio (PER) is crucial in Bitcoin price predictions; it currently stands within the 73 figure. Going by this, this crypto analyst is simply saying that Bitcoin has reached that phase where market traders can consider it to be in another bull run.
Ki Young Ju even makes it possible for his followers to understand precisely what he implies. The question many have been asking is how he arrived at the price-earnings ratio (PER) formula. He simply divided the cryptocurrency's price by the annual miner revenue over the total supply.
Currently, Bitcoin is holding strong with over $30k in value, and several other cryptocurrencies are also experiencing favorable reactions to the shift in prices. Additionally, the overall worth of the leading cryptocurrency has grown, with market capitalization approaching $600 billion.
Bitcoin Bracing for An All-time High in 2023
Ki Young Ju isn't the only crypto analyst supporting the motion that Bitcoin is finally entering its bull cycle. According to another update from a crypto analyst named Credible Crypto on Twitter, he claimed that Bitcoin might fight for another all-time high in 2023. To an extent, many people consider this claim to be above the line, and they might be right. On the other hand, Credible Crypto has some reasons to back up his claim.
Credible Crypto mentioned different cycles when Bitcoin had defied all odds and moved to another all-time high. "What's clear with any parabolic advance is that momentum increases exponentially and peaks at the top. We can see this in both prior impulsive moves from 3k-14k and from 10k-60k," Credible Crypto said.
"This means I would expect that once expansion begins (which it looks like it has), we should see monthly moves of > 10k at a time, easily. From current levels to prior ATH is a $40,000 gap. This gap should then, logically, be covered within a few monthly candles if this is a parabolic advance," he added.
October Is The Date
So at what time is this Bitcoin bull run going to happen? Credible Crypto says his rough prediction is before the end of 2023. Why not pick a specific date or month? The crypto analyst says it should be October if he is forced to select a month.
"I am not saying we MUST hit new all-time highs by October, I AM saying I do think we will hit new ATH by the end of this year and if someone forced me to pick a month in which I think this will occur it would be October. Let's see how things play out," Credible Crypto added.