CryptoQuant CEO Says Bitcoin Bull Cycle is Over: What’s Next?
Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, has declared the end of Bitcoin’s current bull cycle, forecasting a period of bearish or sideways movement lasting between six to twelve months. Ju’s assessment is rooted in various on-chain metrics that signal a market shift. He observed that liquidity is diminishing and new whale investors are selling Bitcoin at progressively lower prices, indicating a potential market downturn. Ju shared these insights on social media, emphasizing that all on-chain indicators currently point toward a bear market.
This perspective marks a notable shift from Ju’s earlier stance. Just weeks prior, he maintained an optimistic outlook on Bitcoin’s trajectory, suggesting that the bull cycle was still intact. He highlighted robust institutional demand and substantial inflows into Bitcoin exchange-traded funds (ETFs) as evidence of continued market strength. Ju had also pointed out that Bitcoin’s market capitalization was growing faster than its realized capitalization, a trend typically associated with ongoing bull markets.
The recent downturn in Bitcoin’s price, which saw a significant drop to around $78,888, has raised concerns among investors. This decline, influenced by factors such as uncertainties surrounding U.S. economic policies and crypto regulations, has led to increased market volatility.
Looking ahead, Ju advises caution, anticipating a prolonged period of market consolidation or decline. He recommends that investors closely monitor on-chain metrics and market liquidity indicators to navigate the forthcoming bearish phase effectively. While the exact duration and depth of this downturn remain uncertain, Ju’s analysis underscores the importance of staying informed and adjusting investment strategies in response to evolving market conditions.
