Bitcoin Bull Market Ends Says CryptoQuant Analyst Ki Young Ju

- Bitcoin Bull Cycle Ends, Bearish or Sideways Market Expected - On-Chain Indicators Suggest Corrective Phase Over the Next 6 to 12 Months According to an analysis based on recent tweets by on-chain data analyst Ki Young Ju, Bitcoin's bullish cycle has concluded, and there is a high likelihood of a bearish or sideways market over the next 6 to 12 months. This is indicated by on-chain metrics pointing to a bearish phase and the fact that new large investors (whales) are selling Bitcoin at lower prices. The analysis uses on-chain indicators such as MVRV, SOPR, and NUPL, along with Principal Component Analysis (PCA) and applies a 365-day moving average to understand Bitcoin’s long-term trend. These indicators play a crucial role in identifying market inflection points and can help investors better understand the current market situation. MVRV (Market Value to Realized Value) ratio measures how the current market price compares to the average acquisition price, by dividing Bitcoin's market cap by its realized market cap. Generally, a high MVRV ratio implies that the market is overheated, while a low ratio implies undervaluation. Historical data shows that when MVRV was below 1, during periods such as November 2018 to April 2019, and March 12 to 18, 2020, Bitcoin recorded historical lows. SOPR (Spent Output Profit Ratio) measures the profit ratio of coins spent by investors. If SOPR is above 1, it indicates that investors are making a profit, while below 1 indicates a loss. Recent data shows that SOPR has fallen below 1, suggesting a bearish market. NUPL (Net Unrealized Profit/Loss) represents the difference between unrealized profit and loss of held Bitcoin. If positive, it indicates a profit state; if negative, a loss state. Historically, a NUPL value above 0.7 indicated that Bitcoin was near its peak, and below -0.2 indicated a bottom. Currently, NUPL is showing a downward trend, implying correction potential. The on-chain data utilized in this analysis was provided by reliable analytical platforms such as Glassnode and CryptoQuant. These platforms offer essential data for quantitatively analyzing Bitcoin's market movements, allowing readers to verify the data directly. In conclusion, it appears that Bitcoin's bullish cycle has ended, and a corrective phase is likely to continue over the coming months. Considering the changing patterns of on-chain indicators, careful market observation and strategic decision-making using key on-chain indicators are crucial. Given the past data and current market trends, thorough risk management and flexible adaptation to market changes are necessary for investment decisions.