
Ki Young Ju, CEO of CryptoQuant, has issued a stark warning about Bitcoin’s market trajectory, suggesting that the cryptocurrency’s bull cycle has come to an end. Based on on-chain metrics, Ju predicts up to 12 months of bearish or sideways price action, sparking debates among analysts and investors.
Bitcoin’s Bull Cycle: A Turning Point?
Ju’s analysis points to key on-chain indicators such as Market Value to Realized Value (MVRV), Spent Output Profit Ratio (SOPR), and Net Unrealized Profit/Loss (NUPL).
These metrics, which assess market valuation, investor profitability, and sentiment, are signaling a shift in Bitcoin’s market cycle. “Every on-chain metric signals a bear market,” Ju stated, emphasizing the drying up of liquidity and the selling activity of new whales, reports The Coin Telegraph.
Diverging Opinions Among Analysts
CryptoQuant #CEO Ki Young Ju says the Bitcoin bull cycle is over—whales selling, liquidity drying up, and futures funding rates near 0%.
Others disagree, citing M2 money supply #ATH & market trends. Some predict a new ATH by June. #Bitcoin pic.twitter.com/nnxhMksGyM
— Bitcoin info (@Btc_i1) March 18, 2025
While Ju’s bearish outlook has gained attention, other analysts remain optimistic. Some argue that Bitcoin’s recent price corrections are part of a healthy consolidation phase rather than the onset of a prolonged bear market.
Ryan Lee, chief analyst at Bitget Research, noted, “Macro conditions remain a wildcard, but Bitcoin’s fundamentals are still strong.”
Institutional Influence on Bitcoin’s Future
Institutional investors continue to play a significant role in Bitcoin’s market dynamics. Speculation around a potential U.S. Strategic Bitcoin Reserve and ongoing institutional buying have provided some optimism.
However, resistance levels between $85,000 and $90,000 could pose challenges for further upward momentum.
What Lies Ahead for Bitcoin?
As Bitcoin navigates this critical phase, the market’s next moves will depend on a combination of macroeconomic factors, regulatory developments, and investor sentiment.
While Ju’s warning has raised caution, the cryptocurrency’s resilience in past cycles suggests that the story is far from over.
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