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CryptoQuant CEO Ki Young Ju <a href="https://x.com/ki_young_ju/status/1991638243809570860?s=20" rel="noopener noreferrer nofollow">shared</a> a new market insight on X, stating that Bitcoin’s bull cycle “technically ended” earlier this year when the price fell below $100,000. CryptoQuant is one of the leading on-chain analytics firms focused on macro market trends and institutional activity.
According to Ju, the current market looks like a “reasonable long-term accumulation zone” for spot Bitcoin holders. He also mentioned the role of classic cycle theory, although many analysts now question it. Under the traditional model, Bitcoin’s cyclical bottom would appear near $56,000.
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 “But because players like MSTR (MicroStrategy) are unlikely to sell and those coins are effectively off the market, I doubt we will see $56K.”
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Ju also highlighted macroeconomic factors. He said governments may need to inject more liquidity until mid-next year for political reasons. Because of this, sentiment could shift quickly. “Selling or shorting here would be a bad idea,” he added.
Market enters bearish territory
Bitcoin continues to decline. On November 21, it fell below $82,000, causing more than $1 billion in liquidations during the morning sell-off. The Fear &amp; Greed Index dropped to 14, down from 26 last month, reflecting deep fear among market participants. BlackRock’s Bitcoin ETF also recorded its largest weekly outflow so far — $1.09 billion. This marks the weakest institutional demand since spring and adds more pressure to the market.
Social interest collapses to zero
Another indicator shows a sharp drop in retail attention. The Social Metric Risk index — which tracks crypto interest across YouTube, Twitter, analysts, exchanges and L1 activity — has fallen to 0. Historically, such readings often appear near market bottoms and early accumulation phases, when retail investors leave and long-term holders quietly accumulate.

Bitcoin’s Bull Cycle Ended When Price Touched $100K, Expert Says

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