Bitcoin faces renewed pressure as analysts warn that its market downtrend could stretch into early 2027. The warning comes as Bitcoin’s market value drops to about $1.46 trillion, placing it below major technology companies and several leading global assets.
Gold holds the top global asset ranking at nearly $31 trillion. Meanwhile, Nvidia, Apple, Alphabet, Microsoft, Amazon, TSMC, Broadcom, Saudi Aramco, Tesla, and Meta Platforms all rank above Bitcoin by market value. The decline reflects weak crypto sentiment, lower ETF demand, and rising macro pressure.
Bitcoin traded near $73,700 at the time of the report, with the asset down slightly over 24 hours. Its lower market value has pushed it further behind top global companies and commodities.
The pressure comes from several market forces. Inflation data, geopolitical tension, weaker risk appetite, and falling fund flows have all weighed on crypto demand. As a result, Bitcoin has struggled to rebuild strong upward momentum.
CryptoQuant chief executive Ki Young Ju said Bitcoin may stay in a bear market until early 2027. He based the view on an on-chain profitability model that tracks how investor profits and losses develop across market cycles.
According to Ju, the current profit decline started in October 2025. He said past downturns in 2014, 2018, and 2022 followed a similar pattern over about 18 months.
Ju pointed to the CryptoQuant PnL Index Signal, which tracks investor profitability through 365-day moving averages. The chart shows the indicator rolling over after last year’s peak.
He said a recovery needs a clear shift in profit behavior. In his view, unrealized profits must rise while realized profits fall before the market confirms a stronger rebound.
That change has not appeared yet. Ju wrote that the bear market clock started in October 2025, which places the potential recovery window around early 2027 under his model.
His comments carry a cautious tone. The warning does not state that Bitcoin must fall for the full period. However, it shows that some on-chain data still points to a weak market structure.
Meanwhile, derivatives data also shows stress. CoinGlass data shows total Bitcoin open interest near $55 billion, while liquidations reached almost $224 million over 24 hours.
Long traders took most of the damage during the latest selloff. More than $30 million in bullish positions were liquidated, compared with about $17 million in short liquidations.
Even so, trader positioning still leans bullish on major exchanges, including Binance and OKX. That setup has raised doubts, as sharp bullish positioning can increase downside risk during weak markets.
Santiment also warned that Bitcoin sentiment has reached its most bullish level of 2026. The platform said Bitcoin saw 2.23 bullish comments for every bearish comment on social media.
“The previous two biggest positive-ratio days of the year preceded short-term price pullbacks,” Santiment said. It added that the current optimism contrasts with weak spot Bitcoin ETF flows.
Spot Bitcoin ETFs recorded their tenth straight trading day of outflows on Friday. Total net redemptions have crossed $2.97 billion since May 15, according to the report.
Broader market conditions also add pressure. US PCE inflation climbed to 3.8% year over year in April, while rate hike expectations increased. Additionally, tensions between the US and Iran have hurt risk sentiment across global markets and crypto assets.
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