According to CryptoQuant CEO Ki Young Ju, Bitcoin's bull cycle has ended and the market may witness 6 to 12 months of decline or sideways movement. Ju points to on-chain metrics indicating a trend change. "Every on-chain metric signals a bear market," he said, explaining that liquidity is drying up and new whales are dumping Bitcoin at lower prices.

He added that on-chain indicators such as Market Value to Realized Value (MVRV), Spent Output Profit Ratio (SOPR), and Net Unrealized Profit/Loss (NUPL) - analyzing market valuation, investor profit, and overall sentiment - are showing critical inflection points based on the 365-day moving average trend.

BTC faces important support at $82K–$85K as the momentum slows down

Bitcoin's most recent trading price was around $83,156, marking a nearly 15% decline over the past month. After peaking at $100,000 by the end of 2024, Bitcoin is currently in a classic post-bull consolidation phase, testing key support levels in the range of $82,000 to $85,000.

While institutional buying and speculation surrounding the potential U.S. Strategic Bitcoin Reserves have brought some optimism, resistance between $85,000 and $90,000 could make the next rally challenging. A breakout won't be easy, and traders are closely monitoring whether Bitcoin's recent rally can sustain in the long term.

BTC faces a significant challenge as bearish indicators strengthen

According to Ryan Lee, chief analyst at Bitget Research, macro conditions remain a major unknown. Any unexpected changes in Federal Reserve policy (FOMC) could shake the market. If sentiment turns bearish, Bitcoin could drop to the $75,000–$80,000 range, although a bullish macro backdrop could see it rise back to $90,000.

Meanwhile, market commentator and cryptocurrency skeptic Peter Schiff has issued his own warning, suggesting Bitcoin could face even larger losses if the overall market takes a plunge.

"NASDAQ is down 12%," Schiff noted on X. "If this correction turns into a bear market and the correlation between the NASDAQ's 12% drop corresponds to a 24% drop in Bitcoin remains, when the NASDAQ declines by 20%, Bitcoin will be around $65,000."

With technical indicators turning bearish, Bitcoin will face a crucial challenge in the coming months. If macro conditions remain stable, the market may stabilize near current support levels. However, if institutional sentiment weakens or NASDAQ continues its downward trend, Bitcoin's correction could be deeper, bringing the $65,000–$75,000 range into focus.