Bitcoin's Bull Market Cycle Is Over, CryptoQuant's Ki Young Ju Says

Key Points

  • Bitcoin's bull market is over, with expectations of 6-12 months of bearish or sideways price action due to declining liquidity.
  • Key valuation metrics like the MVRV Ratio Z-score indicate a weakened price momentum, suggesting a possible return to $63K.
  • The $75K-$78K support level is crucial, with downward pressure from slowing whale accumulation and net selling by U.S.-based ETFs.

Summary

According to CryptoQuant's founder Ki Young Ju, the Bitcoin bull market has ended, with expectations of a bearish or sideways trend for the next 6-12 months due to declining market liquidity. Ju highlighted the lack of new capital inflows, exemplified by BlackRock’s IBIT experiencing three consecutive weeks of outflows, and noted that even with high trading volumes, Bitcoin's price has not significantly moved, signaling a bearish market. A report from CryptoQuant further supports this outlook, pointing to bearish signals from metrics like the MVRV Ratio Z-score, which has dropped below its 365-day moving average, historically indicating deeper corrections or the start of bear markets. The critical support level for Bitcoin is between $75K-$78K, with ongoing downward pressure from reduced whale accumulation and net selling by U.S.-based spot ETFs. This situation is compounded by warnings from market analysts about potential stagflation and sustained weakness in U.S. equities, which could further pressure crypto markets. Polymarket bettors currently see a 51% chance of Bitcoin ending the week between $81K-$87K, with a 31% chance of hitting $75K by month's end.

yahoo
March 18, 2025
Crypto
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