CryptoQuant Founder and CEO Ki Young Ju has walked back his bearish prediction after the Bitcoin price broke out above $100,000. This move has taken the entire market by surprise after calls for lower prices dominated the crypto space for the last few months. As sentiment has moved back into the positive, Young has turned bullish, explaining the change in his stance and what is going on with the market right now. Bitcoin Bull Cycle Is Not Over In an X post, CEO Ki Young Ju explained how the current market has deviated from the previous cycles. For one, he explains that the market is no longer reliant on old Bitcoin whales, retail investors, and miners to move the market. This used to be the way to know the cycle top, which was when old whales and miners were offloading their bags. However, the market has managed to move on, and the Bitcoin price is now better positioned to absorb large sell-offs without issue. Related Reading: Bullish Continuation For XRP Price Shows Possible Recovery To $4 Young explains that this can be attributed to how diverse the market has become so far. The advent of Spot Bitcoin ETFs, which were approved by the Securities and Exchange Commission (SEC) back in 2024, have opened up new avenues for liquidity. Now, it is not only new retail investors playing the field, but also institutional investors who have been given an avenue to enter the market, and with much larger pockets. This new and substantial flow of liquidity has made it so that even sell-offs from large whales are no longer impacting the Bitcoin price the way they used to. Thus, the CEO believes that it is time to actually shift focus from the old to the new. Given this change in the tide, the CryptoQuant CEO stated that it might be time to throw out the cycle theory. This is because of the changes in liquidity flow, as sources have become more uncertain. “Now, instead of worrying about old whales selling, it’s more important to focus on how much new liquidity is coming from institutions and ETFs since this new influx can outweigh even strong whale sell-offs,” Young explained. Related Reading: Bitcoin Price Flashes Signal That Has Led To A Surge Every Time Nevertheless, he still posits that the current market isn’t flashing a clear bearish or bullish pattern when it comes to the profit-taking cycle. As he explains, the market is still sluggish around absorbing all of the new liquidity coming from the different sources and indicators are still “hanging around the borderline.” As for the Bitcoin price, it continues to show strength after crossing $100,000, as bulls eye new all-time highs above $109,000. Investor profitability has also skyrocket and a whopping 99% of all Bitcoin holders are now sitting in profit, according to data from IntoTheBlock. Featured image from Dall.E, chart from TradingView.com