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

Odaily News Cryptoquant indicates that its 365-day PnL Index signal continues to decline, suggesting that the current BTC cycle may not have reached its top yet. BTC is currently trading at around $62,656, down approximately 50% from its all-time high of about $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 stated that this indicator showed a false positive in 2022, noting that a green signal alone does not guarantee a sustained upward trend. A whale purchased BTC worth $98.9 million at the low of $59,734 on June 5, securing a profit of $3.5 million within two days after the market rebounded. BTC has since remained above $60,000 and is trading at approximately $62,550 at the time of writing. (Bitcoin.com News).