CryptoQuant CEO Explains Why Bitcoin Bull Market is Over Now

CryptoQuant CEO Ki Young Ju avers that the Bitcoin bull market is over as prices hover around the $82K mark. The expert hinges his theory for Bitcoin price on key technicals, analyzing the relationship between Realized Cap, Market Cap, and selling pressure to reach his conclusions. Expert Gives Reason Why The Bitcoin Bull Market Is Over According to an analysis on X , Ki Young Ju reveals that Bitcoin is firmly in bear market territory to the dismay of investors. The CryptoQuant CEO surmised in his analysis that the curtain has fallen for the Bitcoin bull market giving reasons. In his analysis, Ju bases his prediction on the interplay between Bitcoin’s Realized Cap and the asset’s market capitalization. Realized market cap measures Bitcoin’s value using the price at which each BTC held in wallets was transferred. On the other hand, the market cap measures value by multiplying the circulating BTC supply with current prices. The CryptoQuant CEO notes that market capitalization alone is not the best way to track the Bitcoin Bull Market. According to Ju, when there is low selling pressure in the markets, small Bitcoin purchases often send the market capitalization to new highs. Ju notes that Strategy has ridden the tailwind of low selling pressure to grow the paper value of their BTC holdings. Conversely, when sell pressure is high, sizeable purchases are unable to send Bitcoin price on a rally. Strategy’s purchase of 22,048 BTC for $1.92 billion did not trigger a rally like its previous acquisition. Onchain data indicates that Bitcoin’s Realized Cap is rising but market capitalization continues its decline, an indicator of bearish sentiments. Ju notes that fresh capital is flooding the markets but prices are not responding, signaling the end of the bitcoin bull market. “When even large capital can’t push prices upward, it’s a bear,” said Ju. Bitcoin Price Flashes Bearish Signals Despite glowing fundamentals and large acquisitions, on-chain indicators are underwhelming for the top cryptocurrency. Bitcoin price is consolidating within a bearish pennant, a signal for even lower prices. However, a small bump has triggered speculation of a potential Bitcoin price decoupling from S&P500 . Crypto Sat says a short-term drop to $80K is in play for Bitcoin with prices standing at $82,950. However, Ju has even grimmer predictions for BTC, noting that a near-term rally is unlikely for the asset. The CryptoQuant CEO notes that it will take the asset up to six months to drag itself out of the bear market. “Sell pressure could ease anytime, but historically, real reversals take at least six months,” said Ju. Despite the dour sentiments, US Treasury Secretary Scott Bessent has praised BTC as a store of value comparing it with gold. The post CryptoQuant CEO Explains Why Bitcoin Bull Market is Over Now appeared first on CoinGape .