Ki Young Ju analyzed on-chain metrics to calculate a 365-day moving average (MA), which helps identify turning points in the cryptocurrency trend over the year.
“Technical metrics signal a bear market. The bull cycle is over. With fresh liquidity dwindling, new whales are selling Bitcoin at lower prices in the market,” said the head of CryptoQuant.
Among the indicators, Ki Young Ju noted the market value to realized value ratio (MV/RV), the spent coin return ratio (SOPR), and the net unrealized profit or loss (NUPL). They also indicate a gradual decline in the quotes of the first cryptocurrency, the analyst believes.
Earlier, Ki Young Ju suggested that cryptocurrencies that are in line with US goals will prosper, while politically neutral ones — BTC and ETH — may face increased scrutiny from regulators.