Cryptoquant’s Ki Young Ju Warns Bitcoin’s Bear Market Could Run Into Early 2027

Still Some Time To Go Till The Bears Retreat

Bitcoin’s bear market whitethorn inactive person a twelvemonth oregon much to run, according to Cryptoquant laminitis and main enforcement Ki Young Ju, who spelled retired the timeline in a post connected X. “Once profit-taking cascades, Bitcoin investors’ PnL typically falls for astir 18 months.” Ju wrote, utilizing shorthand for aggregate capitalist nett and nonaccomplishment (PnL). “Since the inclination turned successful Oct 2025, the bear market could past until aboriginal 2027.”

His reasoning hinges connected the absorption of realized profits. Put simply, holders are inactive sitting connected insubstantial gains they are steadily cashing in, a dynamic that historically keeps unit connected terms until that selling burns itself out. The PnL scale helium relies connected blends respective onchain valuation gauges (including the market-value-to-realized-value (MVRV) ratio and nett unrealized nett and loss) into a azygous inclination enactment that peaked astir mid-2025 and has been sliding since.

Image source: Cryptoquant

The informing extends a presumption Ju has pressed for overmuch of the past year, arsenic helium archetypal declared bitcoin’s bull rhythm over successful 2025, citing a widening spread betwixt the asset’s realized capitalization and its marketplace capitalization.

Not Everyone, Including Cryptoquant’s Own Data, Agrees

The bleak timeline is acold from settled adjacent wrong Ju’s ain firm, arsenic Cryptoquant’s Bull-Bear Cycle Indicator turned green connected May 12 for the archetypal clip since March 2023, a awesome that has historically coincided with the commencement of much constructive conditions.

Other analysts are much bullish still, with probe steadfast K33 contending bitcoin’s astir $60,000 February debased already marked the maximum drawdown of this rhythm (a diminution of astir 52% from the grounds $126,272 the plus printed connected Oct. 6, 2025).

The divided reveals a murky mid-cycle picture, due to the fact that if Ju is right, traders look different grinding agelong earlier realized profits reset, and the adjacent limb higher tin begin. If the greening rhythm indicator and dependable ETF inflows triumph out, the bottommost whitethorn already beryllium in.

Either way, Ju has handed the marketplace a wide tripwire to ticker wherein the infinitesimal unrealized profits commencement climbing portion realized profits fade, the 18-month timepiece helium describes would yet beryllium acceptable to flip.