CryptoQuant CEO Ki Young Ju stated that Bitcoin has not yet approached a bottom based on traditional market cycle analysis, suggesting further downside pressure may be imminent.
According to Ki Young Ju, the risk-reward ratio improves significantly as Bitcoin's price approaches its average on-chain cost basis. Historically, Bitcoin has reached the Realized Price level at the bottom of each cycle, establishing a pattern that has held across multiple market iterations. However, the CEO acknowledged the possibility that this cycle may deviate from historical precedent with his caveat that "this time could be different."
The analysis underscores ongoing debate within the cryptocurrency community about Bitcoin's price floor, with on-chain metrics increasingly informing institutional and retail investment decisions. Ki Young Ju's commentary reflects growing reliance on on-chain data as a counterpoint to traditional technical analysis in determining market bottoms.