Ah, the grand spectacle of Bitcoin! Once a roaring beast, now it seems to be a mere shadow of its former self. The head honcho of CryptoQuant, Ki Young Ju, has flipped the script, declaring that the Bitcoin bull market might just be a thing of the past. What a twist! Earlier this month, he was all sunshine and rainbows, claiming the bull cycle was slow but “still intact.” Now, it’s like he’s seen a ghost! 👻
“The Bitcoin bull cycle is over, folks! Brace yourselves for 6-12 months of bearish or sideways price action,” Ju proclaimed in a March 17 post on X. Talk about a plot twist! 📉
All signals are currently bearish, says Ju
Ju, the oracle of onchain metrics, has spoken! He claims that every Bitcoin (BTC) onchain signal is screaming bear market. “With fresh liquidity drying up, new whales are selling Bitcoin at lower prices,” he lamented. It’s like watching a sad movie where the hero loses everything! 🎬
Just days before, CryptoMoon reported that Bitcoin funding rates are hovering close to 0%. Traders are as indecisive as a cat in a room full of rocking chairs! 🐱
But wait! Just a few days ago, Ju was singing a different tune. On March 4, he assured us that the bull cycle was slow but “still intact,” pointing to neutral readings on key indicators. What a rollercoaster ride! 🎢
“Fundamentals remain strong, with more mining rigs coming online,” he had said. But now? It’s like he’s changed his mind faster than a politician! 🗳️
Not everyone is throwing in the towel, though. Swyftx lead analyst Pav Hundal told CryptoMoon, “There’s no reason to panic.” Oh, really? Tell that to the investors who are sweating bullets over Trump’s tariffs! 💸
“All the numbers show a global economy that is pointing in the right direction,” he reassured. Money will move to on-risk assets when the market is ready to take on risk. Sounds like a game of musical chairs! 🎶
As of now, Bitcoin is trading at $83,030, down 14.79% over the past month. Ouch! That’s gotta hurt! 😱
Some analysts are still holding onto hope. They believe that with the global M2 money supply reaching new heights, Bitcoin might just be gearing up for a comeback. “Global Money Supply just made another new ATH. We are about to see Bitcoin rally again,” said crypto analyst Seth. Fingers crossed! 🤞
CoinRoutes CEO Dave Weisberger chimed in, saying that if historical trends hold, Bitcoin could reach all-time highs by late April. “Expect Bitcoin to hit a new ATH within a month if its BETA correlation to money supply holds,” he said. Sounds like a plan! 📈
However, former Phunware CEO Alan Knitowski has a different take. He claims Bitcoin’s current price is 67% lower than it should be. “At this stage of the cycle, the lower bound of the historical range should be around $250,000,” he stated. Now that’s a bold prediction! 💰
Swan Bitcoin CEO Cory Klippsten recently told CryptoMoon that “there’s more than a 50% chance we will see all-time highs before the end of June this year.” Bitcoin’s current all-time high of $109,000 was reached on Jan. 20, just hours before Trump took office. What a time to be alive! 🎉
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2025-03-18 08:57