Bitcoin's price has been on a rollercoaster ride over the past decade, with bear and bull cycles dominating its performance. However, the current bull cycle, which started in mid-2023, has broken the mold. Unlike previous cycles, this one didn't wait for the BTC halving to kick off, and instead, was fueled by the excitement around spot Bitcoin ETFs in the US.

The approval of these ETFs in early 2024 marked a significant milestone, as it legitimized Bitcoin as a investment asset. This led to a surge in inflows, with giants like BlackRock and Fidelity launching their own products. Although demand has leveled off in recent weeks, Bitcoin's price continues to soar, hovering between $60,000 and $70,000.

The US Federal Reserve's rumored plan to lower interest rates later this year is also expected to boost Bitcoin's price. Additionally, the recent BTC halving has reduced the production of new coins, making it scarcer and more attractive to investors.

So, when will this bull cycle end? According to Ki Young Ju, CEO of CryptoQuant, Bitcoin is currently in the middle of its bull cycle. Analyzing the market cap and realized cap charts, he predicts that the current trend will last around two years, which means the bull run will end in about 11 months.

In summary, Bitcoin's current bull cycle is unique, driven by ETFs and legitimation, and is expected to continue for another 11 months or so, based on market trends and expert analysis.