Bitcoin rally in mid-September slowed down until the end of the month. Although this finished September on the green after the monthly candle close, the cryptocurrency fell below the psychological price of $65,000 again, and the fear and greed index returned from greed to neutral bias. This seems to have caused some doubt among Bitcoin investors. However, CryptoQuant CEO Ki Juvenile Ju doesn’t entertain such a thought.

According to Ki Juvenile Ju, Bitcoin is still in the middle of a bull cycle. This is positive news for Bitcoin investors as the cryptocurrency industry is currently moving into a historically bullish fourth quarter of the year.

The Bitcoin bull market is not over

The CEO of CryptoQuant is Ki Juvenile Ju part of an avid Bitcoin investorwho remain unfazed by recent price fluctuations. However, his position is not based solely on speculation, but is supported by technical data and price analysis. Ki Juvenile Ju draws its bullish prospects on the difference in Bitcoin’s growth rate, which presents an fascinating perspective on the cryptocurrency. Basically the difference in Bitcoin’s growth rate compares Bitcoin’s market capitalization to the realized limit to assess the strength of the bullish or bear market.

The market capitalization of a cryptocurrency is the total value of all coins in circulation, calculated by multiplying the current price by the total supply. The realized cap, on the other hand, takes into account the actual value paid for each BTC in circulation based on the price at which each coin has recently traded. A higher market cap growth rate suggests that the spot price of the average coin has increased compared to the last transfer.

According to a Bitcoin technical chart he shared on social media platform X, Ki Juvenile Ju noted that Bitcoin’s market capitalization continues to grow faster than its realized capitalization, which continues to indicate a bull cycle. It’s worth noting that the analyst mentioned in his earlier growth rate differential analysis that this trend, which started in overdue 2023, typically lasts for two years on average.

What does this mean for BTC?

Given the past trends of the bull cycle, which, as Ki Juvenile Ju noted, usually last around two years, Bitcoin is expected to continue its bull cycle for at least over a year. Moreover, current fundamentals point to Bitcoin continuing to grow as institutional investors continue to pour in.

Speaking of institutional investors, Spot Bitcoin ETFs, which ended last week with the largest inflow ($494.27 million) since July 22, started the modern week on a positive note. In particular, they recorded net inflows of $61.3 million yesterday, which is approx a sign of good things to come. Institutional involvement, especially through instruments such as Spot Bitcoin ETFs, is a key factor in a eternal escalate in BTC prices.

At the time of writing, Bitcoin is trading at $64,080.

Featured image created with Dall.E, chart from Tradingview.com