Bitcoin's Bottom Not Yet Seen, Claims CryptoQuant CEO

CryptoQuant CEO Ki Young Ju has cast doubt on whether Bitcoin has reached its bottom yet. According to his 'Realized Price' theory, major bear-market bottoms in Bitcoin occur when the market price approaches or briefly falls below this metric, which represents the average acquisition cost of all circulating coins based on their last on-chain transaction.

This phenomenon was observed during the 2015, 2018, and 2022 cycles. However, Ki argues that despite a sharp fall from its highs, Bitcoin still remains above its Realized Price, suggesting that the market has not yet reached a 'classic' cycle bottom.

However, today's market is different from previous cycles due to factors such as spot Bitcoin ETFs, institutional adoption, derivatives, and macroeconomic influences on price discovery. At xWIN, they view Realized Price as an essential foundation for understanding market stress but not a standalone timing tool.