The head chief of CryptoQuant has suggested that the Bitcoin bull market may already be over, marking a shift from his earlier comments this month where he stated that the Bitcoin bull cycle would progress slowly but “is still intact.”
“The Bitcoin bull cycle is over, and I anticipate 6-12 months of bearish or sideways price action,” said Ki Young Ju, founder and CEO of CryptoQuant, in a post on X dated March 17.
Ju claims all signals currently indicate a bearish market
According to Ju, all Bitcoin BTCUSD on-chain metrics are pointing towards a bear market. “As fresh liquidity dries up, new whales are selling Bitcoin at lower prices,” he explained.
This statement comes just days after Cointelegraph reported that Bitcoin funding rates—indicative of the cost for holding long or short positions in crypto futures—are hovering around 0%, suggesting rising uncertainty among traders.
Ju’s assertion noticeably contrasts with his post from March 4, in which he indicated that the Bitcoin bull cycle remained slow yet “is still intact,” citing neutral readings on essential indicators.
“The fundamentals are still strong, with an increasing number of mining rigs being brought online,” Ju mentioned in his March 4 post on X.
On the other hand, not all analysts share a bearish perspective. Pav Hundal, lead analyst at Swyftx, told Cointelegraph that “there’s no reason to panic.”
Hundal elaborated that although investors are feeling “spooked” by US President Donald Trump’s tariffs, “all the indicators suggest that the global economy is heading in the right direction.”
“Funds will eventually move toward risk-on assets when the market is prepared to accommodate risk.”
At the time of publication, Bitcoin is trading at $83,030, reflecting a 14.79% decrease over the past month, as per CoinMarketCap data.
Some analysts believe that with the global M2 money supply reaching new highs, Bitcoin might be poised for an upward trend.
“The Global Money Supply has just set another new ATH. We are nearing another Bitcoin rally,” crypto analyst Seth stated in a recent post on X.
Moreover, CoinRoutes CEO Dave Weisberger suggested that if the historical trend continues, Bitcoin could achieve all-time highs by late April.
“If Bitcoin’s BETA correlation to the money supply holds, expect it to reach a new ATH within a month,” Weisberger remarked in a post on March 17.
However, looking at historical data, Alan Knitowski, former CEO of Phunware, stated that Bitcoin’s current price is 67% lower than where it historically should be.
“At this point in the cycle, the lower bound of the historical range should be around $250,000,” Knitowski said in a post on March 17.
Cory Klippsten, CEO of Swan Bitcoin, recently shared with Cointelegraph that “there’s more than a 50% chance we will see all-time highs before the end of June this year.” Bitcoin’s current all-time high of $109,000 was achieved on January 20, shortly before Trump’s inauguration as US President.
This article does not offer investment advice or recommendations. Every investment and trading decision carries inherent risks, and readers should perform their own research prior to making any choices.
