Extremely Bearish: Is $91K New Bitcoin Price Target?
Bitcoin's price has dropped below a critical support level of $102,000, signaling a bearish market phase according to CryptoQuant's analysis. The firm stated that this decline indicates potential further losses, with possible targets at $91,000 and $72,000 if recovery does not occur soon. The Bull Score Index fell to zero for the first time since June 2022, reflecting a significant market downturn. While CryptoQuant points to a likely mid-cycle correction, Glassnode offers a more optimistic view, suggesting the situation is not yet at a full capitulation stage, as a majority of Bitcoin supply remains profitable. However, market fundamentals, including declining inflows and reduced network activity, suggest a resemblance to bearish trends from late 2021. As Bitcoin trades around $101,000 after a weeklong decline of nearly 7%, the market watches closely for potential recovery signs or further declines.
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