Ki Young Ju, the founder of CryptoQuant, has declared that the Bitcoin bull market has concluded, forecasting a period of 6 to 12 months characterized by bearish or sideways price movement due to diminishing market liquidity. The report points to a potential price drop to around $63K, with key valuation metrics showing bearish indicators and the possibility of a more significant price correction. Ju emphasized the necessity for new liquidity, noting a stall in on-chain realized capital and observed outflows from financial products like BlackRock’s IBIT. The MVRV Ratio Z-score, which measures Bitcoin’s market to realized value, has dipped below its 365-day moving average, historically associated with deeper corrections or bear markets. Analysts pointed out a critical support zone around $75K-$78K, reflecting slowing whale accumulation and net selling pressures. Concurrently, external factors like economic uncertainty and global tensions may heighten bearish sentiment in the crypto sphere. Recent market activity indicates a 51% probability for BTC ending the week within the $81K-$87K range, as Bitcoin's value has decreased by 15% in the last month.

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