Bitcoin dropped to a low of $80,659 on Friday, plummeting sharply as bears tore into bulls amid broader market weakness. Crypto liquidations jumped to over $2 billion.
While the benchmark digital asset has since recovered to highs of $84,000 as at the time of writing, crypto analyst Ki Young Ju says the bearish picture could continue to punctuate BTC performance over the next three to six months.
The CryptoQuant founder and chief executive officer shared his Bitcoin price outlook on Friday, November 21, 2025.
He noted that a lack of liquidity amid current market conditions is a key aspect of the new take on BTC price. As bulls attempted to reclaim critical support zones, Ki Young Ju noted”
The market looks more bearish than I expected. If this continues, Bitcoin probably will not see a strong recovery for the next 3–6 months.
Bitcoin and the macro picture
While he is still bullish long term for the bellwether asset, the analyst says he expects a new bull rally to take shape only when liquidity returns to the market. That is next year, he added on X.
In the thread, Ju provided further details to his forecast.
Macro liquidity matters more than the on-chain cycle. Dollar liquidity is tightening, risk assets are being sold, and this trend will likely continue until liquidity eases next year.
He elaborated:
“Both market and on-chain data show weak liquidity for now. I have also mentioned that the on-chain bull cycle ended under the classic cycle theory.”
In this case, the analyst suggests the Bitcoin price can register an extended bounce and touch the psychological $100,000 level. However, if bulls fail to break the key supply zone, bears could be reenergized to attempt to go for new lows.
The CryptoQuant CEO pointed to the macro picture, which currently dominates investor sentiment.
From the US economy to interest rate cuts, traders have tried to reach the environment. That’s something macro analyst Luke Gromen says could be critical.
According to Gromen, founder and president of research firm Forest for the Trees, the concern is the ballooning US fiscal deficit. Also, foreign demand for the US Treasuries has significantly dwindled.
That means a lack of fresh liquidity, and that means an unstable Treasury market. Yet things will change when liquidity returns in the coming months, and scarce assets such as gold and Bitcoin could see a parabolic rally.
Bitcoin to hit $200k, but when?
While Ki Young Ju sees BTC flipping bullish and setting off in the next few months, here’s what veteran trader Peter Brandt has to say.
In a post on X, Brandt, who revealed he still holds 40% of all the Bitcoin he has ever acquired, predicted the next BTC bull rally will push the top coin to $200,000. However, this $200k mark will be hit in Q3, 2029.
BTC reached its all-time high above $126,000 on October 6, 2025, just days before the Oct. 10 crash that sent the market into a downtrend.
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