Cryptoquant CEO, Ki Young Ju, argued that the Bitcoin bull cycle has ended and the market could show a decrease or horizontal course for the next 6 to 12 months. The weakened liquidity and the sales of large investors give signals that the bear trend in the market can strengthen.
The bear market signals are getting stronger in Bitcoin
Recently, the price of Bitcoin has declined to 81,900 dollars and confirmed the decline tendency in the market. Cryptoquant CEO, Ki Young Ju, said that the bull market has ended in Bitcoin and that the price will either fall or horizontal in the coming months.
According to Ju’nun analysis, liquidity inputs in Bitcoin’s market are decreasing and major investors (whales) sell at low prices. In addition, the 365-day moving average data of the chain (on-se) indicators such as MVRV, SOPR and Nupl shows that the trend is downward. Ju, these signals may be a harbinger of a challenging period for Bitcoin, he said.
Corporate demand is weakening
One of the biggest concern for Bitcoin is the weakening of ETF investments. Over the last three weeks, a net output from Bitcoin ETFs shows that the interest of corporate investors has decreased. In particular, the decrease in new fund entrances for Bitcoin increases concerns that the price may not be able to maintain the rise trend.
Ju said that despite the fact that the bull market would continue in the past, the latest data forced him to change this view. “I’m sorry, but now it seems very clear that the market enters the bear cycle.” Using his statements, he said that the existing data pointed out that the market is moving downward.
Is there hope for Bitcoin?
Although uncertainty dominates the market in the short term, past cycles show that Bitcoin can recover in the long run. Especially since 2015, Bitcoin has experienced strong rise between April and October and managed to overcome the highest level of all previous times (ATH) in the following years.
Some experts predict that Bitcoin can re -test the highest levels in history until the mid -2025. Therefore, despite the current negative appearance, optimistic expectations continue that Bitcoin can enter a new wave of ascension in the long run.
