Bitcoin's Prolonged Bear Market Could Last Until Early 2027

CryptoQuant CEO Ki Young Ju has warned that Bitcoin's bear market could persist until early 2027, citing the company's PnL Index Signal. This indicator tracks investor profitability cycles and shows that once profit-taking cascades begin, investors' profits typically fall for about 18 months.

The trend began in October 2025, which suggests that the current downturn may not resolve itself until early 2027. However, a true reversal requires a specific combination of events: unrealized profits must rise while realized profits fall simultaneously. This has not yet occurred.