Bitcoin’s Boom Is Over, Expect a Slow Year Ahead, Says CryptoQuant CEO
March 18, 2025
Key Takeaways
- CryptoQuant CEO Ki Young Ju warns that the Bitcoin bull cycle has ended.
- His outlook shifted within days from optimism to concern, citing on-chain metrics signaling a clear bearish trend.
- The technical analysis supports short-term bearishness but indicates Bitcoin’s long-term uptrend remains intact.
CryptoQuant CEO Ki Young Ju has dramatically shifted his outlook on Bitcoin (BTC) , warning that the asset’s bull cycle is over.
Just days after suggesting it was too early to call a bear market, Ju now predicts 6-12 months of either sideways or bearish movement, citing clear warning signs from on-chain metrics.
His reversal comes as Bitcoin struggles to regain momentum following a sharp pullback from its recent all-time high.
Despite his bearish stance, Ju confirmed he is still holding his Bitcoin rather than shorting it.
Bitcoin Demand Weakens, On-Chain Metrics Flash Red
Ju’s prediction is based on a Principal Component Analysis (PCA) of key on-chain indicators, including Market Value to Realised Value (MVRV), Spent Output Profit Ratio (SOPR), and Net Unrealized Profit/Loss (NUPL), which help assess Bitcoin’s profitability and investor sentiment.
According to the CryptoQuant CEO, all these metrics are now aligned with past bear market conditions.
One of the biggest red flags, Ju noted, is the drying up of fresh liquidity—a crucial factor for sustaining Bitcoin’s price growth.
Additionally, new whale investors have been selling their Bitcoin at lower price levels, a pattern historically associated with the start of bearish trends.
ETF inflows, another important indicator of institutional demand, have also been negative for three consecutive weeks, reinforcing concerns that buying pressure is weakening.
Ju acknowledged that he had been bullish for the past two years, even when indicators were on edge, but said, “Sorry to change my view, but it now looks pretty clear that we’re entering a bear market.”
However, as users pointed out on X , just three days earlier, Ki Young Ju had suggested the opposite, stating that Bitcoin demand seemed stagnant, but it was “too early to call it a bear market.”
What Technicals Actually Show
While Ju’s on-chain data suggests an extended period of weakness, Bitcoin’s technical indicators offer a more nuanced picture.
In the short term, Bitcoin is trading within a downward trend channel, signaling sustained selling pressure.
The key levels to watch are support at $80,000 and resistance at $92,600—a break below support could confirm further downside.
However, looking at the medium to long term, Bitcoin has fallen below its previous uptrend channel, suggesting that price growth may slow or move sideways for some time. The next critical support level is $70,000, while resistance stands at $92,000.
Despite the near-term weakness, Bitcoin’s long-term trend remains bullish.
Investors continue buying at higher price levels, signaling confidence in Bitcoin’s future. The longer-term outlook identifies key resistance at $106,000 and support at $72,000—suggesting that while short-term turbulence is likely, Bitcoin’s upward trajectory is not broken.
As CCN previously reported, Bitcoin has now fallen over 20% from its all-time high, with long-term holders (LTHs) selling before the decline. Short-term holders (STHs), meanwhile, have absorbed the losses, with many capitulating amid the downturn.
Whether Bitcoin is officially in a bear market or simply experiencing a healthy correction remains up for debate. However, with ETF inflows slowing, liquidity drying up, and investors taking profits, the next few months could test Bitcoin’s resilience.
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