Bitcoin (BTC) Bull Market Is Over

CryptoQuant CEO Ki Young Ju has warned that the Bitcoin bull market may have ended. He expects BTC prices to remain bearish or move sideways for the next 6 to 12 months.

CryptoQuant’s Ki Young Ju expects up to 12 months of bearish market. Source: X

Ki Young Ju changed his optimistic stance from earlier in the month. Previously, Ju said the Bitcoin bull market was still active, even if growth was slow.

On-Chain Metrics Signal Bear Market Conditions

According to Ju, all key Bitcoin on-chain metrics currently indicate bearish conditions. Realized cap-based indicators show a lack of new liquidity entering the market. Realized capitalization is an on-chain indicator tracking the total value of all Bitcoins based on when they were last moved. Ju noted that despite massive trading volumes around the $100,000 level, BTC price failed to rise further.

Additionally, inflows into Bitcoin ETFs (Exchange-Traded Funds) have been negative for three consecutive weeks. Negative ETF inflows indicate that investors are pulling money out of these investment vehicles.

Ju also pointed out that new whales—investors holding large amounts of Bitcoin—are selling at lower prices. This selling, combined with drying liquidity (less new money flowing into Bitcoin).

Other Analysts Disagree, Predict Upcoming Bitcoin Rally

Not all market analysts agree with Ju’s bearish outlook. Several prominent figures argue BTC could rally due to favorable global economic conditions.

Dave Weisberger, CEO of CoinRoutes, believes BTC could reach new all-time highs by late April 2025. Weisberger bases this forecast on Bitcoin’s historical correlation with global money supply, which recently hit record highs.

Alan Knitowski, former CEO of Phunware, pointed out that historically Bitcoin should be trading higher than its current price. Based on past market cycles, Knitowski argues BTC price should be closer to $250,000 by now.

Knitowski believes Bitcoin is currently undervalued compared to historical market cycles. Source: X

Meanwhile, Swan Bitcoin CEO Cory Klippsten predicts there’s more than a 50% chance BTC will hit a new all-time high by June 2025. BTC reached its current peak price of $109,000 on Jan. 20, shortly before Donald Trump’s inauguration as the U.S. president.

Pav Hundal, lead analyst at crypto platform Swyftx, advised against panic, explaining that current market anxiety stems from concerns over Trump’s economic policies and tariffs. Yet, Hundal notes, global economic indicators remain positive overall. He argues investor confidence—and money—will eventually return to riskier assets like Bitcoin. Despite predicting bearish months ahead, Ju clarified that he isn’t selling or shorting Bitcoin