Top Bitcoin Analysts Turn Bearish; CryptoQuant CEO Stands Alone

Ki Young Ju, founder of onchain analytics firm CryptoQuant, wrote this week that “Bitcoin analyst consensus currently leans bearish.” He described himself as one of the few still expecting a sustained recovery and projecting bitcoin could return to about $70,000.

The statement followed months of muted trading and a decline of roughly $25,000 since Jan. 1. Bitcoin has slid below $70,000 and its market dominance has fallen to about 58%.

Ju warned the downturn could last into early 2027. He wrote that the market has not yet rebuilt the layer of unrealized profit that has historically supported longer rallies and that a wave of profit-taking can depress returns for about 18 months before prices find a lasting floor.

He sketched two downside scenarios. One involves a sharp correction that clears leverage and resets positions, a pattern that can precede a quick rebound. The other involves prolonged stagnation — described as “market boredom” — where prices neither crash nor recover and investor attention and capital drift away.

Ju wrote that prolonged stagnation would lower trading volumes, reduce fee income for networks and make new project launches less likely. He framed the current consensus primarily as a measure of market sentiment and not as a direct price forecast.

Ju added that to extract investment edge from analyst consensus, market participants would need to filter for analysts with proven track records. His reading of the consensus reflects an industry debate over the timing and durability of the next price leg higher.

Traders and institutions use sentiment and onchain indicators when setting positions. Whether a rebound occurs will depend on broader liquidity conditions and institutional demand.