CryptoQuant CEO names when the crypto market’s bear trend could end
CryptoQuant CEO Ki Young Ju has suggested when the bear trend in the crypto market could end, citing the profit and loss (PnL) indicator, and also named the factors that could accelerate Bitcoin’s recovery.
Ki Young Ju sees Bitcoin’s decline as a reflection of the prolonged bear cycles of 2014, 2018, and 2022. After cascades of profit-taking begin, the profit-and-loss ratio of Bitcoin investors usually declines for about 18 months. Given that the trend shift began in October 2025, bearish sentiment is unlikely to fade before early 2027, Ju suggested.
Ju’s forecast is based on an analysis of PnL and the 365-day moving average, which tracks investor profitability cycles. According to CryptoQuant, the indicator peaked at the end of 2025 — resembling the highs recorded before the prolonged bear phases of 2014, 2018, and 2022. In each of those periods, sharp and sustained declines followed after PnL fell from its peak.
The analyst argues that special conditions are needed for the trend to shift from bearish to bullish: unrealized profits must rise while realized profits fall. In other words, selling pressure must weaken, and buyers must regain control of the market. In Ju’s view, the market has not yet reached this stage. Until such a pattern emerges, the bearish scenario will remain unchanged, the executive implies.
The CryptoQuant CEO is convinced that two factors are needed for a sustainable Bitcoin recovery: renewed inflows into spot exchange-traded funds (ETFs) linked to Bitcoin and increased activity from major financial firms engaged in over-the-counter crypto transactions.
According to investment company Swissblock, Bitcoin is currently in a higher-risk zone amid growing selling pressure and escalating international tensions.
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