CryptoQuant CEO Ki Young Ju has predicted a grim outlook for the Bitcoin market, stating that the bull cycle has concluded and a bearish trend is anticipated moving forward.
End of Bitcoin Bull Cycle
According to CryptoQuant CEO Ki Young Ju, the Bitcoin bull market cycle has ended. Ju shared a chart of BTC PnL Index cyclical signals, indicating that significant bullish movements are unlikely. He believes metrics such as MVRV, SOPR, and NUPL point to a shift towards a bearish or sideways trend over the next 6 to 12 months.
Bitcoin May Return to $10,000
Bloomberg strategist Mike McGlone also predicted Bitcoin returning to $10,000, drawing parallels with the 2000s dot-com bubble. McGlone sees Bitcoin potentially following the Nasdaq 100's dramatic rise and fall. It's noted that gold ETFs see large inflows while Bitcoin ETFs experience significant withdrawals.
Current Market Analysis
Amid the crashing U.S. stock market, Bitcoin largely tracks the movements of the S&P 500. Thus, the crypto market remains volatile under the influence of global financial conditions.
Analysts express concern over the current state of the cryptocurrency market and the potential outlook for Bitcoin, emphasizing the importance of a cautious approach to investment decisions under these conditions.
