The Bitcoin (BTC) bull market is over, according to crypto research firm CryptoQuant's founder Ki Young Ju. Ju posted on X that he is expecting 6-12 months of bearish or sideways price action as the BTC bull run loses steam, citing declining liquidity in the market. "New liquidity is needed. The on-chain realized cap has stalled, signaling no fresh capital inflows. For example, BlackRock’s IBIT saw three straight weeks of outflows," he said in a Telegram note to CoinDesk. "Even with record volume near $100K, Bitcoin’s price barely moved. Without new liquidity to offset heavy selling, this is a bearish signal." A recent report from CryptoQuant made the case for the possibility of BTC's return to the $63K mark, citing bearish signals from key valuation metrics like the MVRV Ratio Z-score, which compares bitcoin’s market value (MV) to its realized value (RV) to identify overbought or oversold conditions. The MVRV Z-score dropping below its 365-day moving average signals that BTC's price momentum has weakened, historically aligning with deeper corrections or the onset of bear markets. The $75K-$78K support level is critical, CryptoQuant analysts noted, as weakening BTC demand, marked by slowing whale accumulation and net selling by U.S.-based spot ETFs, continues to add downward pressure, increasing the risk of a deeper price correction. This echoes what LMAX Group's Joel Kruger and Coinbase Institutional's David Duong recently told CoinDesk , with both warning that sustained weakness in U.S. equities amid economic uncertainty and global tensions could exacerbate bearish pressure on crypto markets, with stagflation also a possibility. Polymarket bettors are giving a 51% chance that BTC ends the week between the $81-$87K range, and a 31% chance it hits $75K by the end of the month. In the last month, bitcoin is down 15%, according to CoinDesk Indices data , with its decline erasing any post-election gains.
