Bitcoin’s Bull Run Still Has Legs—$100K Breakout Would Trigger ’Nuclear FOMO’ Says CQ Chief
Forget the obituaries—Bitcoin’s bull cycle might just be catching its second wind. The CEO of crypto quant firm CQ argues that a decisive breach of the $100K level could unleash a tsunami of institutional capital, rewriting the playbook for this cycle.
Wall Street’s ’wait-and-see’ crowd would suddenly turn into ’buy-at-any-cost’ maniacs. And yes, that includes the same analysts who called it a ’pet rock’ at $20K.
One thing’s certain: in crypto, the only thing sharper than the rallies are the irony levels.
Cycle Theory in Peril?
In an April 23 post on X, Ju explained that after BTC dropped 10% following his call, it has since rebounded, trading 10% higher than when he made the prediction.
However, the analyst remains cautious, stressing that the number one cryptocurrency is still range-bound. He nonetheless acknowledged that a decisive break above $100,000 would force him to reconsider his stance. At the same time, a new all-time high (ATH) before the last quarter of the year could potentially see him discard the cyclical theory altogether.
“If Bitcoin hits new ATH before Q4, I’m ready to throw out the cycle theory,” Ju tweeted. “A market without clear cycles could look very different from what we’ve experienced. In that case, the permabulls were right. Up only.”
Bitcoin’s climb above $90,000, a level not seen since early March, has been partly attributed to strategic whale accumulation on major exchanges like Binance and Coinbase. According to CryptoQuant, each upward price movement has been accompanied by large-scale purchases from deep-pocketed investors, suggesting that institutional players are stepping in to drive momentum.
On-chain data supports this school of thought, as it shows long-term holders who have held BTC for more than five months resuming accumulation after a period of distribution. Analysts suggest this renewed interest is a sign of confidence in Bitcoin’s long-term prospects, even as short-term holders continue selling into weakness.
Last week, Bloomberg ETF analyst Eric Balchunas also linked BTC’s price resilience to a shift in ownership as institutional investors and corporate giants like Strategy scooped up hundreds of millions of dollars worth of Bitcoin from the market to absorb the supply that previously shook retail-dominated markets.
A Strong Week, But Still Below All-Time High
This recent price behavior is at the heart of the renewed Optimism around BTC’s trajectory. After shedding some of its value in late March amid fears of a topped-out cycle, the asset recovered, gaining 10.2% in the past week alone, edging out the broader crypto market, which went up 9.0% in that period.
At the time of writing, it was changing hands at $92,701, marking a slight intraday dip of 0.8% but still sitting firmly within a 24-hour range between $92,078 and $94,320, reflecting typical consolidation after a strong upward move.
While the cryptocurrency maintains a commanding 61.4% market dominance, it’s still trading 14.7% below its ATH of $108,786. But compared to historical levels, this is rarified air, nearly 137,000% higher than its 2013 low of $67.81.
