Bitcoin’s bear run may persist through early 2027, warned CEO of CryptoQuant Ki Young Ju. For this, he cited on-chain data that suggests a longer bear market ahead.
CryptoQuant CEO Reveals What’s Next For Bitcoin
Ju, in a post on X, stated that, “Once profit-taking cascades, Bitcoin investors’ PnL typically falls for about 18 months.” Since the trend change started in October 2025, “the bear market could last until early 2027,” he added.
The CryptoQuant CEO added that the trend hasn’t been recovering so far. “The trend only changes when unrealized profits rise and realized profits fall. We’re not there yet,” he wrote.
He shared the CryptoQuant’s PnL Index Signal chart to support his assessment. It is used to measure the investor profitability cycles by moving averages calculated over 365 days.
The chart indicated that the indicator would roll over once it hit a high point in 2025. It spotlights similar peaks recorded prior to the long bear markets in 2014, 2018, and 2022. Past periods of steep declines in the signal have been the time when investor profits have been at their lowest as BTC price declined.
BTC Price Overview & Liquidations Data
The alarming warning was issued as Bitcoin found itself in a niche above $73,000 amidst growing macroeconomic and geopolitical uncertainty. According to data from CoinGlass, BTC was trading at $73,289, dropping just a bit over the last 24 hours.
The derivatives market also witnessed rising stress as total open interest in the market dropped to approximately $55.26 billion. Meanwhile, 24-hour crypto liquidations surged to about $223.9 million for BTC.
The data from CoinGlass also revealed that most of the losses in recent times hit long traders. Over the past 24 hours alone, more than $30 million worth of bullish positions were liquidated.
Meanwhile, around $17 million worth of short positions were liquidated. With the major exchanges like Binance and OKX still showing an edge towards a bull market stance, the long-short ratio remains bullish.
Macroeconomic Updates Impacting BTC, Crypto
Bitcoin has also dropped the global asset rankings, with its market capitalization dropping to around $1.46 trillion. Data from CompaniesMarketCap shows that BTC has fallen behind a number of leading technology companies and commodities.
Whilst, gold was the world’s most valuable asset at nearly $31 trillion. The next in the list are Nvidia, Apple, Alphabet, Microsoft, Amazon, TSMC, Broadcom, Saudi Aramco, Tesla and Meta Platforms. All these assets had a higher valuation than Bitcoin.
The BTC price drop comes as tensions between Iran and the United States. The latest strikes spooked global markets and risk sentiment across crypto markets continued to wane, per crypto tools.
Further, investors also responded to new U.S. inflation data. It revealed that PCE inflation in April increased 3.8% year-over-year.
It continues to weigh on risk assets such as cryptocurrencies as Fed rate hike odds have surged.