A recent analysis by crypto expert Ki Young Ju suggests that the bull market for Bitcoin is officially over. The decline in prices has sparked concerns among crypto traders, who are wondering if the market will recover quickly. Analyzing the on-chain metrics reveals that while Bitcoin’s real value (Realized Cap) is increasing, its market capitalization remains stagnant or even declines, indicating a lack of corresponding price increases. This phenomenon is typically indicative of a bear market. 2023 has seen altcoins, like PEPE and Solana, experiencing significant losses from their all-time highs, further emphasizing the bearish conditions. Ki Young Ju’s analysis draws on the Realized Cap metric, which provides insight into Bitcoin’s value based on buying and selling activity in blockchain wallets. 80% to 90% drops are typical during bear markets, but we haven’t reached that level yet, according to the expert. This discrepancy between Realized Cap and Market Cap suggests limited capital flow contributing to price fluctuations. This is a key factor in understanding the market dynamics. Notably, some companies like MicroStrategy have capitalized on this trend by leveraging convertible bonds to acquire Bitcoin, achieving impressive paper gains despite the actual investment being small. A clear divide exists: When buying activity outpaces selling activity, prices increase – and so does market capitalization. Conversely, when selling pressure is high, even minor purchases can impact price movements. The current scenario reflects a classic bear market pattern. Despite potential easing of selling pressure in the future, Ki Young Ju believes meaningful market reversals require at least six months to develop, suggesting a short-term rally is unlikely. This analysis underscores that Bitcoin’s Bull Market cycle is over and a more significant correction is likely to occur before a bullish trend emerges.