On-Chain Metrics Suggest Shallow Bitcoin Bear Market with $56K Bottom
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CryptoQuant analysis suggests a bear cycle is in progress, with BTC potentially experiencing a 55% drawdown from its all-time high. This could set the asset's lowest point around $56,000, which would be the smallest drawdown observed to date.
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Given the current state of the crypto market, all on-chain metrics indicate that a bear cycle is underway. However, the incoming red season may not be as severe as previous ones, according to an analysis by CryptoQuant.
The latest weekly report from the market research firm revealed that BTC may record a 55% drawdown from its all-time high during the bear season. Such a move could place the asset’s bottom around $56,000, marking the smallest drawdown on record.
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Coins
$ 64.03K
-3.28%
$ 0.00245
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In This News
Coins
$ 64.03K
-3.28%$ 0.00245
Predictions Markets
See what traders are focused on
Share:
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