It seems the cryptocurrency market is less optimistic than expected, at least according to Ki Young Ju, founder and CEO of CryptoQuant. The executive used his X account to post: “market weakness is greater than expected,” suggesting that Bitcoin (BTC) may not experience a strong rebound in the next three to six months. Therefore, the start of a genuine bull market would be postponed until global liquidity recovers next year.
The CEO’s prediction is closely linked to the lack of liquidity in the system. Macroeconomic expert Luke Gromen complements this view, highlighting weak foreign demand for US Treasury bonds. Without new capital injections, instability in the debt market is a crucial impediment to the advance of scarce assets like BTC and gold, directly impacting the crypto sector’s recovery capacity.
The market looks more bearish than I expected. If this continues, Bitcoin probably will not see a strong recovery for the next 3ā6 months. The real bull rally would begin once liquidity returns next year.
— Ki Young Ju (@ki_young_ju) November 21, 2025
Macro liquidity matters more than the on-chain cycle. Dollar liquidity isā¦
For investors, the key element is to monitor the recovery of global liquidity. Both views agree that only with this renewed capital flow will the “true bull market” be able to begin in 2026. This factor will boost the prices of Bitcoin and other crypto assets, ending the current phase of weak recovery and marking the beginning of sustained growth.
Source: https://x.com/ki_young_ju/status/1991805934398796225
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