CryptoQuant CEO Ki Young Ju: "Bitcoin bull cycle is over"

"The Bitcoin bull cycle is over. I expect the price to fall or move sideways over the next six to 12 months," writes Ki Young Ju, CEO of CryptoQuant, in a post on X.

Yet not everyone sees it as bleak. In fact, according to investor Raoul Pal, the M2 money supply is on its way to new record levels. This would mean that more liquidity could once again flow into the crypto market, possibly causing a rise in the Bitcoin price.

A look at the M2 money supply (as shown in the image in Ju's X-post) shows that Bitcoin is following M2's black line with a lag. In other words, if BTC maintains its correlation with M2, a new phase of growth could be in sight. But there is currently an explosive conflict between former President Donald Trump and the U.S. central bank, which is responsible for the money supply. This could have unpredictable consequences.

Ju's prediction is facing criticism. Indeed, just three days ago he said it was too early to confirm a bear market. Even on Feb. 28, he still sounded optimistic: "The bull cycle is not over yet."

At the time of writing, Bitcoin stands at $83,000, up 3.4% over the past seven days. Yet the currency is still 24% below its all-time high of $109,000.