TechFlow, Nov 21 — Ki Young Ju, founder and CEO of CryptoQuant, posted on social media that the market appears more bearish than expected. If this situation continues, Bitcoin may not see a strong rebound within the next 3–6 months, and a genuine bull market recovery would likely begin next year when liquidity returns.
Ki Young Ju stated that macro liquidity is more important than on-chain cycles. Dollar liquidity is tightening and risk assets are being sold off, a trend that could persist until liquidity eases next year. Both market and on-chain data indicate weak current liquidity, and under classic cycle theory, the on-chain bull market cycle has already ended. While a sharp rebound toward $100,000 may still occur, failure to break above that level could lead to lower lows.
