If we are to believe CryptoQuant CEO Ki Young Ju, then the Bitcoin bull market is dead and buried. According to his analysis, Bitcoin is now entering a 12-month phase of either decline or sideways movement. However, not everyone in the crypto space agrees with this grim forecast.

All Signs Point to a Bear Market

Ju argues that all on-chain indicators currently scream bear market. He explains:

“As liquidity dries up, new whales are selling their Bitcoin at lower prices,” highlighting the increasing sell pressure from large holders.

His pessimistic outlook follows reports that Bitcoin funding rates have dropped to 0%, signaling a lack of appetite for leveraged long positions in the derivatives market. Typically, this is a strong bearish signal, as it indicates that traders are hesitant to bet on Bitcoin’s price increasing anytime soon.

#Bitcoin market will likely remain slow until sentiment in the U.S. improves.

There’s no significant on-chain activity, and key indicators are neutral, suggesting the bull cycle is still intact. Fundamentals remain strong, with more mining rigs coming online.

If the cycle ends… https://t.co/fSWl26d0gx pic.twitter.com/byWdweZhSQ

— Ki Young Ju (@ki_young_ju) March 4, 2025

What’s interesting, however, is that just a few weeks ago, on March 4, Ju was singing a different tune. Back then, he declared that Bitcoin’s bull market was still intact, citing key neutral indicators that suggested stability. Oh, how quickly things change in crypto.

Not Everyone is Bearish

Luckily for Bitcoin investors, not all market analysts have turned into doom prophets. Several experts remain optimistic about BTC’s future, including Pav Hundal of Swyftx.

Hundal argues that while there is uncertainty surrounding Donald Trump’s policies, most economic indicators still point towards continued bullish momentum. As long as the global economy stays healthy, Bitcoin’s fundamental support remains intact.

Of course, temporary weakness due to market fears over Trump’s next moves is possible. However, according to Hundal, this doesn’t necessarily mean the bull market is over—just that it might be taking a short breather.

The Money Printer Factor

Another major source of hope for Bitcoin bulls is the rising global money supply, measured in US dollars. During Q4 2024, liquidity shrank dramatically, putting downward pressure on risk assets like Bitcoin. But now, the trend is reversing.

🚨🚨🚨🚨🚨
In Aug 2024 I signalled the next leg up after Global Money Supply trending up making new ATH.

I'm saying Global Money supply just made another new ATH. We are about to see #Bitcoin rally again.

This time is not different.

Not financial advice.
Always DYOR! https://t.co/uTM0KZaTju pic.twitter.com/a07babxVzZ

— Seth (@seth_fin) March 17, 2025

If history has taught us anything, it’s that when central banks flood the markets with liquidity, Bitcoin tends to thrive. So, while some analysts are calling the end of the party, others believe we might just be in the calm before the next storm.

The big question remains: Is Bitcoin just taking a break, or are we officially in a bear market? Only time will tell, but if there’s one thing crypto has proven, it’s that betting against Bitcoin in the long run has never been a good idea.

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Margharet Tess

Editor, Developer at Cryptheory Labs

I have been active in the cryptocurrency world for over 6 years, during which I have written countless articles about this sector. What fascinates me most about cryptocurrencies is their technological aspect and the problems they aim to solve. In the past three years, I have ventured into app development and am currently working on a larger project called P2E Buzzer. Stay tuned for the surprise. 🙂 My previous experiences: Business2Community.com, TradingPlatforms.com

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