CryptoQuant founder and CEO Ki Young Ju has dramatically shifted his stance on Bitcoin’s market outlook, declaring that the bull cycle may already be over. In a March 17 post on X, Ju projected a bearish or sideways market for the next 6-12 months, reversing his earlier assertion that the Bitcoin bull cycle was still intact but slow.
#Bitcoin bull cycle is over, expecting 6–12 months of bearish or sideways price action. pic.twitter.com/f80bnNhjy4
— Ki Young Ju (@ki_young_ju) March 17, 2025
Onchain Metrics Signal Bearish Trend
Ju cited Bitcoin’s onchain metrics as overwhelmingly bearish, noting that fresh liquidity is drying up while new whales are offloading BTC at lower prices. His outlook comes at a time when Bitcoin’s funding rates hover near 0%, reflecting uncertainty among traders.
This latest shift contrasts starkly with Ju’s March 4 post, where he emphasized strong fundamentals, including an increase in mining activity, as a reason to believe the bull cycle remained intact.
#Bitcoin market will likely remain slow until sentiment in the U.S. improves.
— Ki Young Ju (@ki_young_ju) March 4, 2025
There’s no significant on-chain activity, and key indicators are neutral, suggesting the bull cycle is still intact. Fundamentals remain strong, with more mining rigs coming online.
If the cycle ends… https://t.co/fSWl26d0gx pic.twitter.com/byWdweZhSQ
Analysts Weigh in on Market Outlook
Despite Ju’s pessimism, not all analysts share his view. Pav Hundal, lead analyst at Swyftx, told Cointelegraph that there is no need for panic. While acknowledging market jitters over geopolitical and macroeconomic concerns, Hundal remains optimistic that money will flow back into risk assets once market sentiment stabilizes.
Crypto analyst Seth echoed this sentiment, highlighting that the global M2 money supply recently reached new highs—historically a precursor to Bitcoin rallies. Similarly, CoinRoutes CEO Dave Weisberger suggested that if Bitcoin maintains its correlation with money supply trends, new all-time highs could be reached by late April.
🚨🚨🚨🚨🚨
— Seth (@seth_fin) March 17, 2025
In Aug 2024 I signalled the next leg up after Global Money Supply trending up making new ATH.
I'm saying Global Money supply just made another new ATH. We are about to see #Bitcoin rally again.
This time is not different.
Not financial advice.
Always DYOR! https://t.co/uTM0KZaTju pic.twitter.com/a07babxVzZ
Diverging Price Predictions
Bitcoin has declined 14.79% over the past month, currently trading around $83,030, according to CoinMarketCap. However, former Phunware CEO Alan Knitowski suggested that based on historical data, Bitcoin’s price is significantly undervalued, with the lower bound of its historical range expected to be around $250,000.
📊🤔 #BTC's growth trajectory for this 4th halving cycle is now much below the historical range set by previous halving cycles.
— Alan Knitowski ∞/21M (@alanknit) March 17, 2025
At this stage of the cycle, the lower bound of the historical range should be around $250,000. pic.twitter.com/U7m8jRkeeA
Swan Bitcoin CEO Cory Klippsten remains bullish, estimating a more than 50% chance of Bitcoin surpassing its previous all-time high of $109,000 before the end of June.
Also Read: Bitcoin Eyes $86,400 Breakout: Will BTC Surge to $90K or Face a Reversal?
As traders digest conflicting signals, Bitcoin’s price trajectory remains uncertain. While Ju’s bearish stance suggests caution, historical trends and macroeconomic indicators leave room for a potential bullish reversal in the months ahead. Traders are advised to monitor liquidity trends, market sentiment, and global economic factors closely.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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