Demand-Driven Bitcoin Cycle, Not Price, Says CryptoQuant Chief
Bitcoin Cycle Defined by Demand, Not Price: CryptoQuant Head Says
Julio Moreno, head of research at on-chain analytics firm CryptoQuant, said Bitcoin market cycles are better understood through shifts in demand rather than price performance.
In a post on X, Moreno argued that market participants often use price action to label a new cycle, but that approach can miss what is actually driving the market. “Most are focusing on price performance to define a cycle, when it is demand what they should be looking to,” he wrote.
Moreno’s comments come as CryptoQuant points to weakening indicators of interest in Bitcoin. The firm said Bitcoin’s “apparent demand” has been declining recently, suggesting that activity on the demand side has cooled compared with earlier periods.
The broader takeaway from Moreno’s view is that price alone may not capture the underlying health of a cycle. By focusing on demand conditions—rather than treating price movement as the primary definition of a cycle—analysts can frame market phases around participation and buying interest, which can shift even when prices appear resilient.
