According to online reports, CryptoQuant CEO Ki Young Ju issued a statement saying,"It was previously predicted that the bull market cycle would end, but the current bitcoin price has increased by 10% compared with that time. I think the market is still fluctuating within a wide range, and if it exceeds $100,000, you will admit that it was wrong in judgment." Ki Young Ju said its focus is on long-term supply-demand relationships based on on-chain data. But in markets that are currently sensitive to Trump's remarks, short-term price movements are more event-driven, making analysis using cyclical on-chain indicators more difficult. He added that if Bitcoin hits a record high before the fourth quarter, cyclical theory will be abandoned because it means the market may have changed fundamentally.