Here is what the prices mean

The visions from the analysis provider in the Cryptoquant series highlight the decrease of Bitcoin Bull for two years, raising fears of the continuity of the cycle.

After the meteorite increased to 87,482 dollars yesterday, amid the factors of the bullish macroeconomics, bitcoin was tilted down again. The leading codes of Chefir increased by 6 % between Wednesday and Thursday early Thursday, but it corrected by 4 % of the high price as the market is cool from the FOMC meeting.

Meanwhile, at the current market price, Bitcoin is 23 % away from its rise on January 20 at all of $ 109,312 and has recently showed intense price weakness. Thursday Suspension From Cryptoquant, it shows what this means to the largest encrypted currency by the maximum market and the Crypto Bull.

Is the bull market ended?

The most prominent analytical market provider is that although the corrections of this nature occur during the bulls, the sharp decline in this season comes with other downward indicators. It is worth noting that the company was earlier I faced This claim, referring to the Bull-Bear (BBMC) market index and the market value of the achieved value rate (MVRV).

This time, the Cryptoquant analyzed the bitcoin market using the Bull Score Index, a scale that tracks the strength of the cycle using degrees ranging from 0 to 100. The teacher combines ten main market indicators, including network activity, investor profitability, liquidity, and demand, with higher results indicating an upward market environment.

It is worth noting that the Bitcoin bitcoin index is 20 years old, which is the lowest level since January 2023. This overwhelming result indicates the weak conditions in the market, indicating that the last negative side may actually be a huge trend rather than correction in the short term.

Bitcoin below the upper threshold

The most prominent analysis is that from a historical point of view, the average result for the continuation of the strong upward market is 60 years. The accompanying graph, which shows the price of bitcoin in the relationship with the index, indicates that its leading cryptocurrency is only in prices when the result is higher than 60.

Moreover, the lengthy trend is less than 40 is usually the appearance of the bear market. For perspective, the Bitcoin’s Bull Score Index launched below the threshold for most of 2022 and early 2023, and is linked to the Habbudian trends.

Consequently, analysts in Cryptoquant concluded that if Bitcoin continues its last direction for a long time, the original can enter a full declining area as shown in the previous sessions. Interestingly, the company’s CEO, Ki Young Joe, was earlier Claim The encryption bull cycle has ended.

Bulls creates a state of Naslencence

However, the bulls remained not affected, despite the last prices. In fact, prominent market analyst Sam Baris Insist This bitcoin is closer to the bottom of its periodic price.

The analyst was martyred with five major indicators to support his allegations: Bitcoin Pi, macro price fluctuations, hidden bullish differences, RSI, fear and greed index.

Moreover, Ali Martinez analysis It also indicates that there are still hopes for the continuity of the bull cycle. However, Bitcoin should swing quickly from descending lands to recover 93,700 dollars.