CryptoQuant: Bitcoin bull-bear cycle indicator is approaching a critical level

Odaily News According to a new report from CryptoQuant, Bitcoin is currently at a “pivotal point” with multiple on-chain indicators signaling further declines while whales are experiencing the fastest rate of Bitcoin accumulation in more than a year. Despite Bitcoin’s rebound above $57,000, continued selling by the German government and the Mt.Gox repayment threatens further declines for Bitcoin. The CryptoQuant report shows that the Profit and Loss (P&L) index is hovering near its 365-day moving average (MA). If the index falls below its 365-day moving average, Bitcoin could begin a major correction like the previous decline. CryptoQuant’s Bitcoin Bull-Bear Cycle Indicator is also approaching a key level and “could turn into a bear market if prices fall further.”