CryptoQuant Declares Bitcoin Bearish: The Bull Season is Over! “There’s Only One Person to Blame!”

The declines in Bitcoin and altcoins are not actually a new trend. Following a long downward trend that began with the major crash in October, $BTC continues to experience sharp drops, with the price falling below $75,000.

With the latest decline, the total cryptocurrency market capitalization has fallen to $2.6 trillion, while the debate over whether Bitcoin will undergo a correction or a bear market continues.

While some analysts argue that the declines are a normal and healthy correction, others claim that $BTC is now showing bearish signals.

At this point, Julio Moreno, head of research at CryptoQuant, argued that the current market is clearly a bear market, not a bull market correction.

Julio Moreno, sharing his latest analysis from account X, argued that the current market is clearly in a bear market, and that the responsibility lies with the Bitcoin Treasury companies.

“If you were to point the finger at the culprits of this bear market, it would be treasury companies.”

They shifted the real demand in the spot Bitcoin market elsewhere, and then they destroyed all demand.”

According to Moreno, the key point here is that while large-scale corporate integration of Bitcoin into financial strategies may have increased demand in the short term, it has subsequently weakened the market structure.

The analyst said that people still think the declines are a bull market correction, but the reality is different.

Moreno, recalling that he has been consistently saying we are in a bear market since the beginning of last November, warned that attempts to hastily buy at low prices by relying on short-term rebounds or technical signals within a downtrend could be dangerous.

“People still think this is a ‘bull market’ correction. It’s not.
We’ve been saying we’ve been in a bear market since the beginning of November, Bitcoin was around $100,000, some indicators were even showing $110,000.”

Indicators that help find bottoms in an uptrend are currently not working.

Don’t try to look for the bottom after a new uptrend. Bear market bottoms take months to form.”

*This is not investment advice.