CryptoQuant CEO Ki Young Ju believes Bitcoin’s bull cycle ended earlier this year when its price fell below $100,000. According to Ju, the current market is a ‘reasonable long-term accumulation zone’ for spot Bitcoin holders. He attributes this shift in sentiment to classic cycle theory and ongoing institutional involvement like MSTR (MicroStrategy). This contrasts with traditional models suggesting Bitcoin’s cyclical bottom should be around $56,000. Ju suggests that despite the absence of a clear downward trend, governments may inject more liquidity until mid-next year due to political reasons. This could lead to a shift in market sentiment and discourage short-selling or selling.