CryptoQuant’s Ki Young Ju Declares Bitcoin Bull Market Over Amid Liquidity Crunch
Bitcoin’s (BTC) latest bull cycle has likely ended, warns CryptoQuant founder Ki Young Ju, as declining liquidity signals a shift in market momentum. Ju predicts a 6-12 month period of bearish or sideways action, driven by weakening capital inflows.
“The realized cap has flattened, showing no new money is entering the market,” Ju wrote on X. “Even when Bitcoin saw record trading volumes near $100K, its price barely moved. Without fresh liquidity, sellers will dominate.”
A recent CryptoQuant report highlights that Bitcoin could drop as low as $63K based on bearish indicators such as the MVRV Ratio Z-score, which has dipped below its 365-day moving average. Historically, this signals increased downside risk and the potential start of a deeper market correction.
Analysts also point to the $75K-$78K range as a critical support level, warning that sustained selling from U.S. spot ETFs and slowing whale accumulation could drive prices even lower.
Joel Kruger of LMAX Group and David Duong of Coinbase Institutional echo these concerns, noting that broader economic uncertainty and stagnating U.S. equities may further weigh on crypto markets.
Market sentiment reflects this uncertainty. Betting platform Polymarket gives a 51% chance that Bitcoin trades between $81K-$87K by week’s end, with a 31% probability of a drop to $75K by the end of March.
Bitcoin is currently down 15% over the past month, according to CoinDesk Indices, erasing any gains from its post-election rally.
