Bitcoin (BTC) bull market has ended, according to Ki Young JU, founder of Crypto research firm Cryptoquant.
JU posted on X that he expects a bearish or sideways price action of six to 12 months as BTC Bull Run loses steam citing reduced liquidity in the market.
“We need new liquidity. The on-chain recognition cap is stagnant and indicates there is no fresh capital inflow. For example, BlackRock's IBit saw a spill for three consecutive weeks,” he said in a telegraph note to Coindesk. “Even with record volumes close to $10,000, Bitcoin prices have barely moved. This is a bearish signal as the new liquidity doesn't sell out significantly.”
Recent Reports from Cryptoquant It claimed that BTC could return to the $63,000 mark. Citing bearish signals from key metrics such as MVRV ratio Z scores, we compare Bitcoin's market value (MV) with realised value (RV) to identify excess conditions.
The MVRV Z-score is below the 365-day moving average signal that has weakened BTC price momentum and is lined up at a historically deeper correction or bare market start.
Support levels between $75,000 and $78,000 are important, Crypto says the weakening of BTC demand, characterized by net sales of whales, and net sales, continues to exert downward pressure and increase the risk of deeper price corrections.
This reflects what LMAX Group's Joel Kruger and Coinbase Institutional's David Duong recently told Coindesk, both warning that sustained weakness in US stocks amid economic uncertainty and global tensions could exacerbate bearish pressure on the crypto market.
Polymate Better BTC ranges from $81 to $87,000 A 31% chance of reaching $75,000 by the end of the month.
Bitcoin fell 15% last month, erasing its post-election profits, according to data from Coindesk Indices.
