CryptoQuant CEO updates bear market outlook, unveiling a bold new cycle theory shaped by rising institutional inflows and market facility shifts.
Cryptoquant CEO Ki Young Ju has revised his previous prediction that the Bitcoin (BTC) bull cycle has ended.
In a social media post on May 9th, Ju shows that his March forecasts were premature and that current market conditions could have evolved beyond its historic patterns.
New players, new patterns
Historically, Bitcoin’s price cycle was driven by an early set of whales, miners, retailers and narrow actors. These players often operate in boom and bust patterns, causing whales to drop large quantities of Bitcoin when retail profits faded, causing a cascade of sales.
This compares this to a “music chair game.” There, everyone tried to leave at the same time, and the slow movers were stuck on depreciable assets.
Now, institutional investors, strategies and even government agencies are entering the market, so JU believes the landscape has changed. These actors have long investment horizons and are operating under a variety of motivations, including the diversification of the Ministry of Finance and the obligations of regulated funds.
Ju believes this new foundation of demand will help to more efficiently absorb the volatility that once defined Bitcoin’s top cycle, and smooth out sales pressures more efficiently.
He said:
“…It feels like it’s time to abandon that cycling theory.”
It’s slow but stable
Despite recent bullish price movements, Ju described it as slowing down the current phase, noting that most on-chain indicators remain near neutral. The market has not shown the explosive rise typical of past peaks, but has not collapsed under pressure to earn profits.
He believes that a stable inflow from ETFs is a key factor in supporting prices, allowing Bitcoin to absorb old supply without causing a normal cycle of panic sales. This suggests a mature market structure where capital rotations are less disruptive than they are.
The long-term chart shared by JU flattens the flattening of Bitcoin’s profitable signal compared to its previous top, reflecting a slower, more stable adjustment rather than a dramatic reversal.
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