CryptoQuant CEO predicts Bitcoin bear market into early 2027

A prominent crypto market analyst has projected that Bitcoin's current bearish phase could extend into early 2027, citing historical patterns in investor profitability. Ki Young Ju, CEO of the blockchain analytics firm CryptoQuant, shared the forecast on social media, basing it on the company's proprietary PnL Index Signal.

According to Ju, the indicator, which uses a 365-day moving average to track cyclical trends, peaked in late 2025. This pattern closely resembles those seen before the prolonged bear markets of 2014, 2018, and 2022. He noted that once a cascade of profit-taking begins, aggregate investor profitability typically declines for about 18 months. Given that this trend reversal commenced in October 2025, the analysis suggests bearish conditions could persist until the first quarter of 2027.

For a sustained trend reversal to occur, Ju identified two concurrent conditions that are not yet present: unrealized profits must rise while realized profits fall. This combination would signal diminishing selling pressure and growing buyer control. The current data does not show this dynamic, he stated.

Bitcoin was trading near $73,000 at the time of Ju's analysis, representing...