CryptoQuant CEO: BTC rebound unlikely until liquidity recovers, real bull run to start next year

Bitcoin is unlikely to rebound until macroeconomic liquidity recovers, with the true bull market not expected to begin until next year, according to CryptoQuant CEO Ki Young Ju. He noted that the market is weaker than anticipated and that if current trends persist, BTC could struggle to recover for the next three to six months. Ki stated that macro liquidity is more important than on-chain cycles, pointing to shrinking U.S. dollar liquidity and an ongoing sell-off in risk assets. He explained that while a short-term rally to $100,000 is possible, a failure to break that level could result in a new lower low. While clarifying he is not a macro expert, Ki said he closely follows the analysis of figures like Luke Gromen, who has highlighted the large U.S. fiscal deficit and weakening demand for Treasuries. Ki believes that when liquidity returns next year, scarce assets like gold and Bitcoin will rise, kicking off the next major bull run.