Are we entering a Bitcoin winter, or is it just a chilly day in the market? Recent analyses from CryptoQuant have uncovered some worrisome signs in the on-chain valuation metrics that could indicate Bitcoin (BTC) is teetering on the edge of a bear season. As seasoned players know, corrections like this aren’t uncommon during bull runs, but the current landscape suggests something more significant may be unfolding. With various metrics signaling bearish trends, and the demand from whales dwindling, one can’t help but wonder if the illustrious digital gold is in for a plummet. What’s next for BTC? Could it really slide down to $63,000? Buckle up, as we dive into the latest insights and implications for Bitcoin’s future! LEARN MORE.
Analysts at the market intelligence platform CryptoQuant have identified concerning signals from on-chain valuation metrics that suggest bitcoin (BTC) may be at the onset of a bear season.
According to a CryptoQuant report, bitcoin’s correction is not unusual in terms of magnitude because such dips have been witnessed in past bull runs. However, the state of all valuation metrics suggests the leading cryptocurrency is either at deep value levels or in a deeper correction phase than typically seen during bull seasons.
BTC in Bearish Territory?
CryptoQuant said all Bitcoin valuation metrics indicate that the market is in bearish territory. The Bitcoin Bull-Bear Market Cycle Indicator is at its most bearish level in this cycle, while the Market Value to Realized Value (MVRV) Ratio Z-score has plunged below its 365-day moving average.
