Bitcoin Bull Run Not Done Yet — CQ CEO Says $100K Break Could Shift the Market
Bitcoin’s latest surge past $94,000 has sparked fresh debate about the ongoing bull market. Is this a sign the rally has more room to run, or just a temporary bounce before another correction?
According to CryptoQuant CEO Ki Young Ju, the Bitcoin bull run might not be over just yet. In a recent post on X (formerly Twitter), Ju admitted that his earlier call—suggesting the cycle had peaked—may have been premature. Since then, BTC has rebounded nearly 10%, trading significantly higher than when he issued his warning.
While he still maintains a cautious stance, Ju emphasized one key level that could change everything: $100,000. A clean breakout above that psychological barrier would force him to reevaluate his belief in the traditional cycle theory.
“If Bitcoin hits a new ATH before Q4, I’m ready to throw out the cycle theory,” he said. “In that case, the permabulls were right.”
The sentiment shift comes as Bitcoin hit levels not seen since early March, driven largely by whale accumulation on platforms like Binance and Coinbase. On-chain data from CryptoQuant shows long-term holders are back in accumulation mode, suggesting renewed confidence in BTC’s long-term potential.
Institutional investors have also played a big role. Bloomberg ETF analyst Eric Balchunas pointed to the recent wave of large-scale Bitcoin purchases by corporate players, including Strategy, as a key reason for BTC’s price resilience. These buyers appear to be absorbing supply that would have once shaken a more retail-driven market.
Despite trading about 15% below its all-time high of $108,786, Bitcoin’s price action in the past week has been strong—up 10.2%, outpacing the broader crypto market. It’s currently hovering around $92,701, consolidating after a powerful run.
Whether the next leg higher materializes remains to be seen. But as Ju notes, a decisive break above $100K could mark a turning point, not just for price action, but for how we understand Bitcoin’s long-term market structure.
