Odaily News CryptoQuant CEO Ki Young Ju wrote on X that the Bitcoin bull market is starting, and the current data is similar to the market performance in 2020. On-chain data over the past few months showed that whales continued to accumulate Bitcoin. At the time, many people were skeptical of this data, but now the reason for this accumulation seems to have become quite clear. He further analyzed that after the halving, the mining cost doubled, and the price needs to rise to maintain the profitability of miners. In addition, many traders are shorting Bitcoin, which may drive the bull market through short squeezes. According to the performance of previous halving cycles, the Bitcoin bull market usually starts in the fourth quarter.