Ah, dear reader! Gather ’round as we delve into the curious case of Bitcoin, that whimsical creature of the digital realm, which, according to the wise sages at CryptoQuant, may be teetering on the precipice of a bear market. 🐻
In their latest scrolls, these analysts have unearthed alarming omens from the on-chain valuation metrics, suggesting that our beloved Bitcoin (BTC) might just be at the dawn of a rather gloomy season. But fret not! Such corrections are as common as a pigeon in the park, having been witnessed during past bull runs. Yet, the current state of affairs hints that our leading cryptocurrency is either lounging at deep value levels or wallowing in a correction phase deeper than a Russian winter. ❄️
BTC in Bearish Territory? Oh, What a Surprise!
CryptoQuant, in their infinite wisdom, proclaims that all Bitcoin valuation metrics are waving their little flags of bearishness. The Bitcoin Bull-Bear Market Cycle Indicator is at its most pessimistic level in this cycle, while the Market Value to Realized Value (MVRV) Ratio Z-score has taken a nosedive below its 365-day moving average. How delightful! 🎢
This plummet of the MVRV Ratio Z-score suggests that Bitcoin’s upward price momentum has become as weak as a kitten after a long nap. Historical data, that ever-reliable friend, reveals that when these indicators reach such depths, BTC is either in a sharp correction or preparing for a bear market party. 🎉
And what of Bitcoin demand, you ask? Well, it seems to be in a contraction phase, much like a balloon losing air. Whales, those great leviathans of the crypto sea, have slowed their accumulation pace. Just last week, Bitcoin’s apparent demand contracted at a speed that would make a cheetah envious, plummeting by a staggering 103,000 BTC! Meanwhile, other large investors are seeing their annual BTC accumulation rates drop faster than a lead balloon—from 368,000 BTC in January to a mere 268,000 BTC today. Oh, the humanity! 😱
BTC Could Fall to $63K? Hold Onto Your Hats!
As the holdings of large investors dwindle, U.S.-based spot Bitcoin exchange-traded funds (ETFs) have turned into net BTC sellers, a trend that sharply contrasts their enthusiastic purchases from the previous year. What a twist! 🎭
CryptoQuant has discovered that these spot Bitcoin ETFs have only managed to buy BTC worth a paltry $0.7 billion this year, a far cry from the $8.7 billion they splurged on last year. This shift is putting additional downward pressure on Bitcoin’s price, as if it were a weighty anchor dragging it into the depths of despair. ⚓
Moreover, the volume of BTC flowing into the American crypto exchange Coinbase has dipped below the 90-day moving average, a sign that the crypto tide is receding. CryptoQuant’s Inter-exchange Flow Pulse has been in a state of price correction since February 13, when BTC was frolicking around $96,000. Coins typically flow into Coinbase when demand is high, but alas, the current situation resembles a deserted marketplace. 🏪
In a rather dramatic turn of events, CryptoQuant analysts speculate that BTC could plummet to $63,000 if it fails to hold the support level between $75,000 and $78,000. At the time of this writing, the asset was worth $82,000, and $63,000 represents the Trader’s minimum On-chain Realized Price minimum band. So, dear reader, keep your eyes peeled and your wallets ready! 💸
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2025-03-16 18:23