Bitcoin’s Uptrend Is Over, According to CryptoQuant’s Ki Young Ju

Bitcoin Bull Run Stalls as CryptoQuant’s Ki Young Ju Warns of Liquidity Crisis

The Bitcoin (BTC) bull market cycle has run out of steam, according to CryptoQuant founder Ki Young Ju, who warns that declining liquidity could lead to an extended period of sideways or bearish price action lasting up to a year.

Ju took to X to express his concerns, pointing out that Bitcoin’s realized cap has stagnated—an indication that fresh capital inflows have dried up. “New liquidity is critical. The fact that Bitcoin saw record-high trading volumes near $100K but barely moved is a major red flag. Without fresh capital to absorb the selling pressure, the market could remain weak,” Ju said in a Telegram message to CoinDesk.

The latest CryptoQuant report suggests Bitcoin could revisit the $63K range, citing bearish signals from key valuation indicators such as the MVRV Ratio Z-score. This metric, which measures Bitcoin’s market value relative to its realized value, has dropped below its 365-day moving average—a pattern historically linked to deeper corrections or the beginning of bearish trends.

Analysts stress that Bitcoin’s $75K-$78K support level is crucial, as continued selling from U.S.-based spot ETFs and reduced whale accumulation could accelerate downside risks.

LMAX Group strategist Joel Kruger and Coinbase Institutional’s David Duong echo these concerns, warning that economic uncertainty, weakening U.S. equities, and potential stagflation could add further pressure on crypto markets.

Polymarket odds currently suggest a 51% probability that Bitcoin will end the week in the $81K-$87K range, while a 31% chance remains that it could dip to $75K by the end of March.

Bitcoin has fallen 15% over the past month, according to CoinDesk Indices, erasing all gains from its post-election rally.

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