'Extremely Bearish:' Is $91K New Bitcoin Price Target?
CryptoQuant warns Bitcoin is in an 'extremely bearish' phase, targeting $91K or $72K if key support fails, while Glassnode sees a mid-cycle correction.Summary
On-chain analytics firm CryptoQuant has declared that the Bitcoin market has entered an "extremely bearish" phase after BTC dropped below its crucial 365-day moving average of $102,000, a level previously marking the bull cycle bottom. The firm's Bull Score Index dropped to zero for the first time since June 2022, suggesting potential downside targets near $72,000 if the price fails to reclaim $100,000 soon, with $91,000 identified as the next structural support based on Metcalfe’s model. This analysis is contrasted by Glassnode, which views the current market weakness—characterized by falling inflows and reduced network activity—as a mid-cycle correction rather than the start of a full bear market, noting that 71% of supply remains in profit. Bitcoin was trading around $101,000 as the Asian trading day began, extending a weeklong decline.
(Source：CoinDesk)