Bitcoin (BTC) Bull Market is over, according to Crypto Research Firm Cryptoquant’s founder Ki Young Ju.

JU posted at X that he expects 6-12 months of bearish or sideways price action as BTC Bull Run loses steam, citing falling liquidity on the market.

“New liquidity is needed. On-Chain Realized Cap has stopped and signaled no fresh capital inflow. For example, Blackrocks Ibit three equal weeks of outflow,” he said in a telegram note to Coindesk. “Even with record volume near $ 100,000, Bitcoin’s price hardly moved. Without new liquidity to equalize powerful sales, this is a bearish signal.”

A recent report from Cryptoquant made the case for the possibility of BTC’s return to the $ 63K mark, citing Bearish signals from key venue assessment metrics as the MVRV ratio Z-score, comparing Bitcoin’s market value (MV) with its realized value (RV) for identifying monitored or over-selling conditions.

MVRV Z-score falls during its 365-day sliding average signals that BTC’s prismomentum is weakened, historically adapted to deeper corrections or the beginning of bear markets.

The $ 75K 78K support level is critical, noticed cryptoquant analysts, as weakened BTC demand, marked by slowing whale accumulation and net sales of US-based Spot-ETFs, continues to add pressure down, increasing the risk of a deeper price correction.

This repeats what LMAX Group’s Joel Kruger and Coinbase Institutional’s David Duong recently told Coindesk, with both warning that persistent weakness in US equities in the midst of economic uncertainty and global tension could aggravate a bearish pressure on crypto markets, with stagflation as well.

Polymarket-Bettors gives a 51% chance that BTC will end the week between $ 81- $ 87K area and a 31% chance it will hit $ 75K at the end of the month.

In the last month, Bitcoin is down with 15%down, according to Coindesk Indices data, with its decline that deletes any gains after the election.