Bitcoin Bear Market May Extend Until Early 2027, Says CryptoQuant CEO

The cryptocurrency market continues to face challenges as Bitcoin's price remains stagnant around $73,000. According to an analysis by CryptoQuant's CEO Ki Young Ju, the current bearish phase may extend until early 2027.

Ju based his prediction on the PnL Index Signal, a 365-day moving average designed to monitor cyclical patterns in investor profitability. The signal reached its peak in late 2025, mirroring similar patterns observed before extended bear markets in 2014, 2018, and 2022.

The trend reversal, as indicated by the PnL Index Signal, requires two concurrent conditions: unrealized profit levels must climb while realized profits decline. This scenario has not been observed yet, according to Ju.