CryptoQuant CEO Ki Young Ju believes that on-chain indicators suggest the Bitcoin bull cycle is over, and prices are expected to follow a bearish or sideways trend for 6-12 months. As new liquidity dries up, new whales are selling Bitcoin at lower prices. He applies PCA to on-chain metrics such as MVRV, SOPR, and NUPL to calculate a 365-day moving average, which is used to identify turning points in the one-year moving average trend. However, some users have pointed out that his sell signal in 2020 was incorrect.