CryptoQuant CEO Ki Young Ju stated, "It was previously predicted that the bull market cycle had ended, but currently the price of Bitcoin has risen by 10% since then. I believe the market is still fluctuating within a wide range, and if it breaks through $100,000, I will admit that my judgment was wrong." Ki Young Ju stated that his focus is on the long-term supply and demand relationship based on on-chain data. However, in the current market where reactions to Trump's remarks are sensitive, short-term price trends are more influenced by event-driven factors, making it more difficult to analyze using cyclical on-chain indicators. He added that if Bitcoin reaches a new all-time high before the fourth quarter, he will abandon the cyclical theory, as this would indicate that the market may have undergone a fundamental change.