Along with the comment, the CEO highlighted the Bitcoin PnL Index Cyclical Signals\u2014an index that aggregates multiple on-chain metrics, such as MVRV, SOPR, and NUPL, to pinpoint market tops, bottoms, and cyclical turning points in Bitcoin\u2019s price. According to Ki, this indicator has historically offered reliable buy and sell signals.<\/p>\n
![\"Bitcoin](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2025\/03\/GmRwsfPa4AAQcoL.jpg?w=860&resize=860%2C483\")
<\/p>\n
He further explained how an automated alert, previously sent to his subscribers, combined these metrics into a 365-day moving average. Once the trend in this 1-year moving average changes, it often signals a significant market inflection point. As proof, Ki also shared a chart: \u201cThis alert applies PCA to on-chain indicators like MVRV, SOPR, and NUPL to compute a 365-day moving average. This signal identifies inflection points where the trend of the 1-year moving average changes.\u201d<\/p>\n
![\"Signal](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2025\/03\/GmRzQJCacAINzKO.jpg?w=860&resize=860%2C484\")
<\/p>\n
Ki pointed to drying liquidity and fresh selling pressure by \u201cnew whales\u201d who, he said, are unloading Bitcoin at lower prices. Notably, he revealed that CryptoQuant users who subscribed to his alerts received this signal before today\u2019s public announcement. \u201cWith fresh liquidity drying up, new whales are selling Bitcoin at lower prices. Cryptoquant users who subscribed to my alerts received this signal a few days ago. I assume they\u2019ve already adjusted their positions, so I\u2019m posting this now.\u201d<\/p>\n
This latest declaration contrasts remarks from just four days ago, on March 14, when Ki struck a more cautious tone, stating: \u201cBitcoin demand seems stuck, but it\u2019s too early to call it a bear market.\u201d<\/p>\n
At that time, he shared a chart of the Bitcoin Apparent Demand (30-day sum) indicator, which had turned slightly negative\u2014an early signal that demand might be tapering off. Although Ki pointed out that demand could still rebound (as it has in past sideways phases), he acknowledged the possibility of Bitcoin teetering on the edge of a bear market.<\/p>\n
The pivot in sentiment is especially notable given Ki\u2019s stance from two weeks ago. In that earlier post, he opined that the \u201cbull cycle is still intact,\u201d crediting strong fundamentals and growing mining capacity: \u201cThere\u2019s 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.\u201d<\/p>\n
However, he also cautioned that the market could turn if sentiment did not improve, particularly in the United States. With today\u2019s announcement, the warning has evidently crystallized. Reflecting on the potential downside scenario, Ki said at the time: \u201cIf the cycle ends here, it\u2019s an outcome no one wanted\u2014not old whales, mining companies, TradFi, or even Trump. (FYI, the market doesn\u2019t care about retail.)\u201d<\/p>\n
At press time, BTC traded at $83,059.<\/p>\n
![\"Bitcoin](\"https:\/\/www.newsbtc.com\/wp-content\/uploads\/2025\/03\/BTCUSDT_2025-03-18_08-35-52.png?resize=3628%2C1605\")
<\/p>\n","protected":false},"excerpt":{"rendered":"
CryptoQuant CEO Ki Young Ju announced today that Bitcoin\u2019s bull cycle \u201cis over\u201d and warned investors to brace for \u201c6\u201312 months of bearish or sideways price action.\u201d This development comes after the on-chain analytics veteran had previously urged caution but maintained a measured outlook on the market as recently as two weeks ago. Is The…<\/p>\n","protected":false},"author":1,"featured_media":3717,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[119],"tags":[56,1642,1921,55,69,61,120,121],"class_list":["post-3716","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-bear-market","tag-bitcoin-bull-market","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price"],"_links":{"self":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/3716","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/comments?post=3716"}],"version-history":[{"count":0,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/posts\/3716\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media\/3717"}],"wp:attachment":[{"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/media?parent=3716"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/categories?post=3716"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinsvalue.net\/blog\/wp-json\/wp\/v2\/tags?post=3716"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}