Bitcoin’s price has dropped by over 22% from its all-time high on January 20. Ki Young Ju, the CEO of CryptoQuant, predicts a downward or sideways trend for the next 6 to 12 months based on technical analysis, declaring the end of Bitcoin’s bullish cycle. Key factors in this analysis include the behavior of new whales (large investors who recently accumulated Bitcoin but are now selling at lower prices) and a decrease in demand. Technical analysis indicates that Bitcoin’s one-year moving average has entered a bearish phase historically associated with long-term bear markets. Additionally, data shows a declining demand for Bitcoin, resembling patterns observed between August 2017 and December 2018. This trend could lead to price fluctuations followed by a gradual downward trend.
