Woofun AI reports that Ki Young Ju, CEO of CryptoQuant, has declared the Bitcoin bear market over, basing the thesis on structural on-chain shifts rather than price action alone.

The deeper driver is a suite of metrics monitored by the on-chain analytics platform, which Ju highlighted via social media.

Notably, a significant reduction in the amount of Bitcoin held on exchanges indicates accumulation by long-term holders. Simultaneously, the stabilization of the realized cap, reflecting the aggregate cost basis of all coins, serves as a gauge market sentiment. These indicators have shifted in a manner that historically precedes sustained upward price movements.

Woofun AI data shows the immediate market response was muted, with Bitcoin's price remaining relatively stable despite the announcement.

However, the data aligns with the halving event scheduled for 2024. Historically, the cyclical bottom emerges 12-18 months before a halving, and current on-chain data appears to align with that timeline, reinforcing the argument for a completed bear phase.

A more critical variable is the persistence of macroeconomic headwinds, including interest rate hikes and regulatory uncertainty. Ju's data-driven approach offers a counterpoint to sentiment-based analysis, potentially signaling a shift in strategy for those awaiting confirmation to enter or increase positions. Yet, on-chain metrics are not infallible; they can be influenced by market manipulation or unusual events in a highly volatile environment where past performance is not indicative of future results.

Given CryptoQuant's reputation for reliable on-chain analytics, this declaration suggests underlying fundamentals are strengthening, though it does not guarantee immediate price increases. Investors must conduct their own research and consider a range of factors before making financial decisions.