Chief executive of analytics platform CryptoQuant believes the bull market is far from over despite Bitcoin’s (BTC) latest dip after hitting new all-time highs this month.

Ki Young Ju tells his 339,800 followers on the social media platform X that Bitcoin has yet to reach a cycle top, but is undergoing a short-term correction after soaring to a new high of nearly $74,000 on March 14th.

He also warns that the correction may continue to be as low as $51,000 based on historic corrections in prior bull market cycles.

“Bitcoin is still in the middle of the bull cycle.

1. Bitcoin market shows short-term overheating.

2. Not the cyclical top yet; retail investors have not fully entered the market, and [Bitcoin exchange-traded fund] ETF demand needs monitoring.

3. Undergoing correction; $51,000 if max drawdown 30%, new whales (= ETF buyers) entered at $56,000 on average.”

Ju says he believes that the most recent massive surge for Bitcoin is due to the launch of the ETFs and the significant inflows into the funds, not the expected April halving event, when miners’ rewards are cut in half. He says the impacts of the halving event will be felt after it takes place.

“Bitcoin market is fueled by spot ETFs, not by the halving event. After the halving, mining expenses will double, pushing miners to keep certain prices for mining profitability. Direct cost per coin will rise to approximately $37,000, but at $63,000, it’s no longer a problem for them.”

Bitcoin is trading for $63,685 at time of writing, down slightly in the last 24 hours.

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