Two prominent voices in crypto analysis have independently concluded that Bitcoin's true bull market has not yet begun, despite months of price swings and a market that feels tired to many. CryptoQuant CEO Ki Young Ju and macro analyst Dan Gambardello both pointed to underlying indicators and broader financial shifts that, in their view, will ultimately trigger a powerful upward surge for Bitcoin and the wider altcoin space.
Data-driven caution from CryptoQuant
Ki Young Ju shared his assessment based on the company's proprietary Bull Score Index, which aggregates multiple on-chain and market signals. The index currently lacks the full set of conditions historically observed at the start of major bull phases. "When the true bull market arrives, the signals will be unambiguous," Ju explained, urging patience and suggesting that the market remains in an accumulation or consolidation phase rather than the early stages of a sustained rally.
Macro conviction from Dan Gambardello
Gambardello reinforced his long-standing macro thesis, arguing that the traditional four-year cycle may have shifted or elongated. He highlighted that Bitcoin is up only 13% since November 2024, while Ethereum has gained 14% over the same stretch — a year-and-a-half of largely sideways movement. In his view, the noise of BTC versus altcoin debates overshadows the fact that both assets have barely moved. He pointed to a pro-crypto incoming Fed Chairman and the likelihood of banks entering the space once the Clarity Act is implemented, predicting that institutions, asset managers, and even governments will rush into crypto.
The convergence of these opinions — one driven by on-chain data, the other by macro and structural shifts — suggests that the market may be coiling for a much bigger move. Both analysts see the current environment not as a peak, but as a prelude to what they believe will be the real bull market.
