Bitcoin took a pretty big hit at the start of the new week, partly due to new import tariffs announced by Donald Trump. Even so, some investors remain confident that the bull market isn’t over. One of them is Ki Young Ju, CEO of CryptoQuant, who believes wealthy investors are still positioning themselves for more gains.
According to Ju, these investors are putting money into Bitcoin ETFs in the U.S., which suggests they expect prices to keep rising. Bitcoin ETFs allow people to invest in Bitcoin without actually holding the asset themselves. Instead, they buy shares in a fund that tracks Bitcoin’s price.
Ju also points out that Bitcoin’s price dips in 2021 happened only after inflows into the Grayscale Bitcoin Trust (GBTC) stopped. He argues that there’s no reason to assume this bull cycle has peaked unless major players like MicroStrategy and other institutions slow down their Bitcoin purchases.
“#Bitcoin bull cycle isn’t over. The buying engine for paper Bitcoins is still running. In 2021, the downturn came two months after GBTC inflows dried up. No need to rush calling the cyclical top until ETFs, MSTR, and institutional buying slow down.” Ki Young Ju on X.
PlanB, a well-known Bitcoin analyst and creator of the popular stock-to-flow model, also believes the bull market is still intact. He explains this by looking at Bitcoin’s Relative Strength Index (RSI), a term used to describe a tool that measures whether an asset is overbought or oversold. In past bull markets, Bitcoin had several months where the RSI went above 80, which he marks as red dots on his chart. A high RSI like this suggests strong buying activity and upward momentum. PlanB expects to see at least three months with RSI above 80 in this cycle, just like in 2013, 2017, and 2021. Historically, when this happens, Bitcoin has gained around 40% per month. If the same pattern repeats, Bitcoin could reach around $270,000 during this bull run.
Will Altcoins Be Valued Differently in the Future?
Ju also shared his thoughts on altcoins—cryptocurrencies other than Bitcoin. Right now, many investors treat altcoins as speculative assets, hoping to buy low and sell high. But he predicts that will change over time. In his view, altcoins will eventually be valued based on their revenue, similar to stocks. He said:
“There’s no second best for Internet Money—it’s obviously Bitcoin. What I point out is that Internet Stocks (labor contracts for Internet knowledge workers) are altcoins.”
He also expects the era of meme-driven altcoins to fade within five years. However, he believes meme coins will still exist, but mainly as gambling products.
Memecoins are a type of cryptocurrency that gains popularity mostly through internet culture and social media hype rather than real-world utility. Examples include Dogecoin and Shiba Inu, which started as jokes but attracted large communities of investors. Unlike Bitcoin, which is often seen as digital gold (or gold with wings even), memecoins usually have little to no underlying technology or use case beyond speculation and entertainment.
For now, that shift hasn’t happened. Many blockchains, such as Ethereum and Solana, are still heavily used to launch meme coins. However, there is a growing trend of Real World Assets (RWAs) being tokenized on blockchains. These RWAs include assets like real estate, art, and government bonds. While this concept is gaining traction, it remains to be seen how much real value it will bring to the economy.
For Bitcoin, the key question is whether large investors will keep buying. As long as Bitcoin ETFs continue to attract money, some believe the bull market isn’t over yet.
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