CryptoQuant CEO Warning: “Cycle Indicators Point to End of Bull Market”

Jakarta, Pintu News – The CEO of CryptoQuant, a leading analytics company, has surprisingly changed his view to be bearish towards Bitcoin (BTC). Ki Young Ju, via social media platform X, informed his 417,200 followers that based on on-chain data, Bitcoin (BTC) will not set a new record for at least the next six months. This marks a major change in the Bitcoin (BTC) market cycle.

Cycle Indicators Show the End of the Bull Market

Ki Young Ju emphasized that the Cyclical Profit and Loss (PnL) Index, which aggregates several on-chain metrics, recently provided a signal indicating a possible end to the Bitcoin (BTC) bull market. This analytical tool has proven effective in identifying peaks and bottoms of previous market cycles.

According to him, this is the time when investors should prepare for a bearish or stagnant period that may last between six to twelve months. Data shows that Bitcoin’s (BTC) 365-day moving average has started to show a decline, a strong indication that the market may be about to enter a bearish phase.

Every on-chain metric analyzed suggests that a bear market is on the horizon, with new liquidity drying up and new whales selling their Bitcoin (BTC) at lower prices.

Also Read: CryptoQuant CEO Ki Young Ju’s Warning Against Crypto Market End of March 2025

Technical and On-Chain Analysis

Ki Young Ju uses Principal Component Analysis (PCA) to apply on-chain indicators such as Market Value to Realized Value (MVRV), Spent Output Profit Ratio (SOPR), and Net Unrealized Profit/Loss (NUPL). These indicators, when combined, help identify inflection points where the trend of a one-year moving average changes.

MVRV is a metric designed to determine whether a crypto is overvalued or undervalued by comparing the current price (market capitalization) to the average price at which all coins last moved (realized capitalization). SOPR helps track whether coin holders are selling at a profit or loss, which could indicate areas of price reversal. Meanwhile, NUPL is used to assess the overall profit or loss status of coin investors to see the general market sentiment.

Market Projections and Liquidity

According to Ki Young Ju, realized capitalization-based indicators show a lack of new liquidity. Large volumes of around $100,000 failed to push prices higher, and fund flows into exchange-traded funds (ETFs) have been negative for three consecutive weeks. This suggests that the market may not have enough support for price increases in the near future.

This is compounded by the fact that there are no signs of significant liquidity recovery in the near future. With the market seemingly lacking fuel for further growth, investors may need to prepare strategies to deal with a potential further decline in the value of Bitcoin (BTC).

Conclusion

Ki Young Ju’s change in attitude from bullish to bearish towards Bitcoin (BTC) marks an important moment in crypto market analysis. Investors and market watchers should pay attention to the presented on-chain data and adjust their investment strategies according to the changing market conditions. The future of Bitcoin (BTC) may not be as bright as previously thought, at least in the short term.

Also Read: When will Chainlink (LINK) reach $24? Check out the prediction! Here’s LINK’s Technical Analysis!

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.

Reference

• Daily Hodl. Bull Cycle is Over: CryptoQuant CEO Abruptly Flips Stance on Bitcoin, Warns BTC Could be Bearish for One Year. Accessed on March 20, 2025
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