Analyst expects bitcoin's bull cycle to end, with a bearish trend in the next 12 months.

On March 18, CryptoQuant CEO Ki Young-Joo said on social network X (formerly Twitter) that the bitcoin bull cycle is over, and in the next 6-12 months the value of the asset will move in a bearish or sideways trend.

To back up his prediction, Ju cited onchain metrics such as the cyclical signals of the Profit and Loss (PnL) index. This metric compares a 365-day moving average (MA) to data on the #blockchain - in this case, the price of an asset - and provides buy or sell signals. Ki's post demonstrated that the cyclical signals of bitcoin's PnL index currently advise selling the asset. Ki also posted a principal component analysis chart that uses metrics such as market-to-value realized ratio (MVRV), spent-to-earnings ratio (SOPR), #etc . to plot a 365-day MA. This signal identifies inflection points where the trend of the 365-day MA changes. It showed that the 365-day MA converges to real-time price values over time. In mid-2023 and beyond, the 365-day MA is located well below the price targets. There is no indication that the MA may be above the price targets. The unfolding bull/bear market indicator also hints at an upcoming bearish trend for #bitcoin . There is not enough new liquidity in the market, and whales are selling bitcoin at lower prices, Ju emphasized. In addition, net inflows into Bitcoin ETFs have remained negative for three consecutive weeks. Ju added that he will still hold his bitcoin and is not going to short it. Should we panic too much? What do other experts think? Ju's analysis is in stark contrast to his previous stance when he wrote on February 19: I don't think we're going to enter a bear market this year. We're still in a bull cycle. But it's not as bleak as Ju sees it. A millionaire trader known for his astute predictions expects bitcoin to reach $100,000 by the end of March. An anonymous crypto analyst predicts bitcoin will rally as the global M2 money supply reaches a new high.

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