Bitcoin Still At Risk Of Further Correction, CryptoQuant Head Says
Summary
The Head of Research at CryptoQuant explained that Bitcoin may face a further drawdown due to the Bull-Bear Market Cycle Indicator. This indicator, based on the P&L Index, compares Bitcoin's market balance against its 365-day moving average to determine bullish or bearish periods. The indicator recently showed signs of the bull market momentum running out, with a potential risk of sinking back into the bearish zone. This suggests a further correction for Bitcoin's price, which is currently around $58,500.
