QCP: Bitcoin may be nearing the end of this downtrend, but confirmation is still needed.

According to Odaily Planet Daily, QCP stated in its latest market update that Bitcoin has fallen 27% from its high, breaking below $100,000 for the first time and breaching the 50-week moving average, causing a sharp shift in market sentiment towards bearishness. The key levels to watch are the $92,000 support and the $88,000 CME gap; whether a short-term rebound can form will determine the price action structure.

QCP points out that this round of decline may have entered its final stage, but it still needs to be confirmed by the performance of support levels to determine if it is the "final drop." Otherwise, the market may still face the risk of further cycle reset. It also mentions that the US government's reopening and the release of a large amount of delayed data will maintain high market volatility, with BTC implied volatility exceeding 50 and option skew still leaning towards a bearish direction.