Ki Young Ju, CEO of on-chain analytics firm CryptoQuant, forecast that Bitcoin's current bear market may extend into early 2027, citing historical patterns in investor profit-taking cycles. The analysis suggests that large-scale profit realization typically depresses Bitcoin's aggregate investor profit-and-loss metrics for approximately 18 months on average.
The current trend reversal began in October 2025, meaning if historical cycles repeat, sustained selling pressure could persist through the first quarter of 2027. Ki Young Ju emphasized that confirmation of the bear phase's conclusion will only emerge when unrealized profits among investors begin expanding again while the volume of locked-in gains simultaneously declines—conditions not yet present in market data.
The CryptoQuant assessment underscores the distinction between tactical price movements and structural shifts in market sentiment. While Bitcoin has experienced multiple rallies throughout bear cycles, the absence of expanding unrealized profits suggests that broader investor positioning remains cautious, limiting conditions necessary for sustainable bull-market reemergence.