TO BE OR NOT TO BE IN A BULL RUN.
Ki Young Ju pointed out that all on-chain indicators for Bitcoin point to a bear market. He noted that fresh liquidity is drying up and that new whales are selling their Bitcoins at lower prices. This observation contrasts with his post from March 4, where he claimed that Bitcoin's bullish cycle was still intact, citing strong fundamentals and an increase in the number of mining rigs.
This latest statement comes as Bitcoin's funding rates, which reflect the cost of maintaining long or short positions in crypto futures, are close to 0%, indicating increasing indecision among traders.
Not all analysts obviously share Ki Young Ju's bearish outlook. Pav Hundal, for example, stated that there was no reason to panic, highlighting that despite fears related to Donald Trump's tariffs, global economic indicators remain positive. He even added that "money will move to risk assets when the market is ready to take risks."
Other analysts, like Seth, agree with him and noted that the global money supply (M2) has reached new highs, which would indicate an imminent recovery for Bitcoin. Dave Weisberger even predicted that if the historical correlation between BTC and money supply holds, Bitcoin would reach new highs by the end of April!
While some see signs of a bear market for Bitcoin, others remain optimistic about a potential recovery. Investors will have to navigate these uncertain waters, taking into account on-chain indicators and macroeconomic trends to make informed decisions. It's hard to be definitive in these troubled times.