CryptoQuant CEO Ki Young Ju has indicated that the Bitcoin market has not yet reached its bottom, with the current bear market likely to result in a wide range of sideways fluctuations. He noted that Bitcoin's price is under persistent selling pressure, compounded by a lack of new capital inflows, which has led to stagnant market capitalization. Ki Young Ju highlighted that early Bitcoin holders, who have significant unrealized gains from ETF and MSTR purchases, began taking profits last year. Although strong inflows previously maintained Bitcoin's price around $100,000, these inflows have now diminished. He emphasized that unless Michael Saylor significantly reduces his Bitcoin holdings, a drastic 70% drop, as seen in previous cycles, is unlikely. However, the ongoing selling pressure suggests that the market bottom has not yet been reached.