News 
March 18, 2025 
3 min. 
The price of Bitcoin (BTC) has dropped more than 22% since reaching its all-time high USD 109,000 on January 20, the same day Donald Trump took office as President of the United States. Since then, the persistent decline has raised questions about whether the current bull cycle— a period when assets experience continuous appreciation— has come to an end.
Ki Young Ju, CEO of CryptoQuant, a company specializing in crypto market analytics, recently stated that Bitcoin’s bull cycle is over. According to him, the market is likely to experience a prolonged period of stable or declining prices over the next 6 to 12 months, as investors adjust their expectations and strategies following the recent strong gains.
The analysis primarily considers the behavior of “whales”— a term used to describe large investors who hold significant amounts of cryptocurrency. These investors, who had been accumulating Bitcoin recently, are now engaging in frequent selling, often accepting prices lower than their purchase cost. This selling pressure makes price recovery more difficult, reinforcing the likelihood of a market downturn.
Technical Data Suggests the End of Bitcoin’s Bull Cycle
To support his predictions, Ki Young Ju uses technical indicators such as the 365-day moving average, which calculates the average price over the past year. When analyzing this indicator, he identified a downward trend, a pattern historically associated with prolonged bear markets— periods when asset prices decline for an extended time.
Bitcoin Indicators Signal a Correction Phase
Another key metric analyzed is the Net Unrealized Profit/Loss (NUPL), an indicator that measures the unrealized gains and losses of investors— in other words, the difference between the purchase price and the current market price of cryptocurrencies. A declining NUPL suggests that investors are seeing their profits diminish or even shift into losses, reinforcing the possibility of an extended correction period.
- Learn how to earn money by playing online games
According to the analysis, these technical metrics strongly indicate a correction phase, where prices are expected to move sideways or decline over the next 6 to 12 months as the market absorbs the impact of the recent sharp price increases.
Historically, similar situations occurred between August 2017 and December 2018, a period marked by declining prices and low demand following a previous price surge. While the market has matured since then, current indicators suggest a reduced appetite for large-scale purchases, at least in the short term
