#noticiasbtc Ki Young Ju, the CEO and founder of the firm CryptoQuant, shared a discouraging forecast for the price of bitcoin (BTC).

"The bull cycle has ended," he stated through a post on his personal X account.

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His projection is based on on-chain data, especially the behavior of the realized capitalization, an indicator that estimates how much capital has actually entered the market.

"When BTC enters a wallet, it is considered a purchase, and when it exits, it is considered a sale. With this idea, we can estimate the average cost of each wallet. Multiply this value by the amount of BTC stored, and you will obtain the total Realized Capitalization. It is usually considered the total capital that has entered the bitcoin market through actual on-chain activity," he emphasized.