On October 13, Ki Young Ju, founder of the analytics firm CryptoQuant, declared the end of bitcoin’s bear market cycle, forecasting 12 to 24 months of gains or sideways trading. His analysis relies on the PnL Index, a proprietary indicator measuring overall holder profitability that previously signaled the recoveries of 2015, 2019, and 2023. He set no price target, leaving his outlook open to both a bullish market and a range-bound one. Large wallets outside exchanges and mining pools hold 3.03 million BTC, their highest level since November 2025, while US spot bitcoin ETFs lost $681 million last week. Bitcoin, which dropped from $126,000 to $60,000 between October 2025 and 2026, has been trading between $81,000 and $84,000 in recent days.
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