Crypto Quant: BTC Cycle Top May Not Have Arrived Yet, Price Down About 50% from All-Time High

Odaily Odaily reports that Cryptoquant indicates its 365-day PnL Index signal continues to decline, suggesting the current BTC cycle may not have reached its peak yet. BTC is currently trading at approximately $62,656, down about 50% from its all-time high of around $126,000 in October 2025. Cryptoquant's bull-bear cycle indicator turned green on May 12, 2026, marking the first bullish signal since March 2023.

Cryptoquant notes that this indicator produced a false positive in 2022, and a green signal alone does not guarantee a sustained upward trend. A whale purchased $98.9 million worth of BTC at the low of $59,734 on June 5, securing a profit of $3.5 million within two days of the subsequent market rebound. BTC has since remained above $60,000 and was trading at approximately $62,550 at the time of writing (Bitcoin.com News).