- CryptoQuant’s Ki Young Joo warns that the Bitcoin bear market could last until early 2027.
- The expert cites CryptoQuant’s PnL indicator, which tracks investors’ profitability cycles.
On According to According to CryptoQuant CEO Ki Young-ju, the current Bitcoin market downturn is echoing the protracted bear cycles of 2014, 2018, and 2022 and could last until early 2027.
After cascading profit taking, profit or loss BitcoinInvestors’ prices typically decline for about 18 months. Since the trend reversal began in October 2025, the bear market could last until early 2027. A trend only reverses when unrealized profits rise and realized profits fall. That’s still a long way off. wrote head of CryptoQuant.
The expert’s opinion is based on the PnL index signal from CryptoQuant. This 365-day moving average, which tracks investor profitability cycles, peaked in late 2025. This is very similar to the highs recorded before prolonged bearish periods in 2014, 2018, and 2022. Each of these periods was followed by a sharp and prolonged decline after reaching the peak.
For Bitcoin to recover, two factors are needed: a resumption of inflows from spot markets bitcoin ETF and the growth of activity of institutional over-the-counter funds (slowing in both). On-chain data CryptoQuant shows growth in capital inflows in Bitcoin, but given that the market cap is not increasing proportionally, this indicates a bearish market.
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