Bitcoin (BTC) Price Analysis: Ki Young Ju and Axel Adler Remain Bullish as the Market Prepares for the Next Upward Trend

Bitcoin (BTC) kicked off October on a rather subdued note, surging approximately 2% on Monday to $63,718. Despite this decline, the cryptocurrency has demonstrated solid performance over the past month

Bitcoin (BTC) price started the new month with a lackluster performance, rising around 2% on Monday to reach $63,718. Despite this minor gain, the cryptocurrency has shown strong performance over the past month, recording a growth of about 10%.

However, as investors anticipate the future trajectory of Bitcoin, especially considering its current confinement within an expanding wedge pattern, CryptoQuant CEO Ki Young Ju expressed optimism regarding the potential for the primary crypto-asset to continue its upward momentum.

In a tweet on Monday, Young stated, “Hey bears, I’m sorry, but #Bitcoin is still in the middle of the bull cycle.”

The pundit further elaborated on this sentiment by discussing the relationship between market cap and realized cap, adding that “when market cap grows faster than realized cap, it may signal a bull market; the reverse could indicate a bear market.” This trend is likely due to increased exchange trading during bullish phases and heightened on-chain OTC activity during bearish periods.

Back in May, Young had highlighted that Bitcoin was experiencing a bull cycle, noting that its market cap was expanding at a rate faster than its realized cap. This trend, he had noted, usually sustains itself for about two years, reinforcing his belief in Bitcoin’s ongoing upward trajectory.

“If this pattern continues, the bull cycle might end by April 2025,” he had tweeted.

Meanwhile, another analyst at CryptoQuant, Axel Adler, added to this optimism, noting that “the market is preparing for the next upward trend.” In a detailed post, the pundit pointed to the Exchange Flow Multiple (30D/365D), which shows the ratio of short-term to long-term BTC inflows and outflows on exchanges.

Importantly, a declining Exchange Flow Multiple suggests that short-term trading is significantly lower than long-term accumulation, indicating decreased volatility and potential market stabilization.

“A low Exchange Flow Multiple may indicate that active investors are waiting for prices to stabilize before resuming active trading,” Adler noted, highlighting that the pattern mirrors earlier bullish phases.

On the other hand, some analysts are wary of Bitcoin’s open interest rate, which currently stands at just over $19 billion, as per analyst Maartum. He remarked that Bitcoin is currently in a high-risk zone, suggesting that “it’s not the best time for fresh long positions” due to the sensitivity of leveraged trading. According to him, a high Open Interest has historically preceded local price peaks, indicating a potential for volatility.

That said, amid the mixed signals, it remains to be seen whether this October, often referred to as “Uptober,” will uphold its reputation as a strong month for Bitcoin. Historically, the cryptocurrency has recorded average returns of about 24% and median returns of 28%. If this pattern continues, Bitcoin could reach new all-time highs, approaching the $78,000 mark.

BTC trades at $63,803 at press time, reflecting a 1.92% surge over the past 24 hours.

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