Bitcoin Bull Run 'Đã Kết Thúc': CEO CryptoQuant Issues Warning Signal

CryptoQuant's CEO Ki Young Ju announced today that the Bitcoin price cycle 'has ended' and warned investors to prepare for '6-12 months of decline or sideways movement.' This comes after a former chain analyst had previously cautioned but still maintained a cautious view of the market until as recently as two weeks ago. Has the Bitcoin price increase ended? In the post shared today via X, Ki declared: "The Bitcoin price cycle has ended, expecting 6-12 months of price decline or sideways movement." Along with comments, the CEO emphasized the Bitcoin PnL Index Cycle Signal—a composite index of many chain data, such as MVRV, SOPR, and NUPL, to determine market tops, bottoms, and cycle reversals in Bitcoin prices. According to Ki, this indicator has previously provided reliable buy and sell signals.

He further explains how an automatic alert, previously sent to his subscribers, combines this data into a 365-day moving average. When the trend in this one-year moving average changes, it often signals a significant market inflection point. To illustrate, Ki also shares a chart: "This alert applies PCA to indicators in the series such as MVRV, SOPR, and NUPL to calculate a 365-day moving average. This signal identifies inflection points where the trend of the one-year moving average changes."

Ki points out the dwindling liquidity and new selling pressure from "new whales," those who he says are dumping Bitcoin at lower prices. Notably, he revealed that CryptoQuant users who subscribed to his alerts received this signal before today's public announcement. "With dwindling liquidity and new whales selling Bitcoin at lower prices. CryptoQuant users who subscribed to my alerts received this signal a few days ago. I believe they have adjusted their positions, so I am posting this now." This latest statement contradicts the comments just four days ago, on March 14, when Ki took a more cautious tone, saying, "The demand for Bitcoin seems to be stagnating, but it is still too early to call this a bear market." At that time, he shared the Bitcoin Apparent Demand indicator chart (for a total of 30 days), which has turned slightly negative—a preliminary signal that demand may be gradually decreasing. Although Ki pointed out that demand could still recover (as seen in previous sideways phases), he acknowledged the possibility that Bitcoin is on the brink of a price decline. The change in sentiment is particularly notable when considering Ki's position from two weeks ago. In the previous post, he stated that 'the price increase cycle is still intact,' noting strong fundamental factors and increasing mining capacity: 'There is no significant activity on the chain and the key indicators are neutral, indicating that the price increase cycle is still intact. The fundamental factors remain strong, with more mining rigs being put into operation'. However, he also warned that the market could reverse if sentiment does not improve, especially in the United States. With today's announcement, a clear warning has been crystallized. Reflecting on the potential price decline scenario, Ki said at the time: "If the cycle ends here, it's an outcome no one wants - not the old whale, mining companies, TradFi, or even Trump. (FYI, the market doesn't care about retail.)". At the time of reporting, BTC was trading at $83,059.