CryptoQuant CEO: ‘Bitcoin opium’ coming, bear may persist

On July 10, CryptoQuant founder Ki Young Ju wrote on X: “Some bullish Bitcoin opium is coming in the next few months to relieve your bear market pain. Just not yet. Hang in there.” He did not specify whether he meant a market catalyst, an on-chain indicator or a short-lived bounce.

Ju cautioned that the likely relief would be temporary rather than the start of a sustained bull cycle. His view is based on a pattern he identified in profit-taking, where investors’ aggregate profit and loss (PnL) typically declines for about 18 months after cascading profit-taking begins. That sequence, he noted, turned in October 2025 and points toward late 2026 or early 2027 before conditions reset.

Bitcoin was trading above $64,000 at the time of Ju’s post and was down roughly 11% for 2026. CryptoQuant described the current bounce attempt as fragile and reported that sentiment gauges remain deeply bearish, even as July seasonality and rising demand in the United States provide some support.

Possible triggers for a sharper rebound include action on the CLARITY Act and a return of inflows into spot Bitcoin exchange-traded funds. CryptoQuant warned that relief rallies within a bear market can be tradable but risky because they may not mark a full cycle recovery.

Analysts note that if Bitcoin cannot build meaningful momentum in the near term, bearish conditions could persist for another six to 18 months.