According to Ki Young Ju, CEO of on-chain market intelligence and analytics CryptoQuant, Bitcoin is still in the middle of a bullish cycle. 

The analyst has pointed to the fact that its market cap is currently growing at a faster pace compared to its realized cap. 

Based on historical data, this trend tends to last around two years. Hence, he believes that this cycle might end around April 2025. 

The largest cryptocurrency is currently trading at $66,166 after adding 0.1% over the past 24 hours. On the year-to-date basis, Bitcoin is up 71%.

As reported by U.Today, banking giant JPMorgan recently predicted that the price of the leading cryptocurrency would not experience a substantial rally in the near future. The banking giant's forecast is based on the faltering demand for spot Bitcoin ETFs in the U.S. and the underwhelming launch of similar crypto products in Hong Kong. 

Earlier this week, the price of Bitcoin swiftly soared after the latest consumer price index (CPI) reading showed cooling U.S. inflation. This suggests that the U.S. Federal Reserve might be more emboldened to cut rates multiple times this year.

Now that the ETF narrative is slowly waning, the bulls are pinning their hopes on falling inflation in the U.S.

Earlier this month, permabull Tom Lee predicted that the price of the leading cryptocurrency could eventually surpass $150,000 this year. The Fundstrat cofounder believes that U.S. inflation is going to come down substantially in the second part of 2024.

In the meantime, Galaxy Digital CEO Mike Novogratz expects the Bitcoin price to remain range-bound in the near future.