According to Mars Finance, CryptoQuant analyst Axel published an article on the X platform stating that Bitcoin may have entered the middle stage of this bear market cycle. The NUPL-MVRV harmonic composite indicator has reached 0.33, while historical cycle bottoms usually appear in the range of around -0.5. The chart shows that the bear market cycle is beginning to show an upward trend, indicating that the extreme selling situation is becoming more moderate. However, the indicator is still far above the historical bottom area, which means that a full-scale market sell-off has not yet been confirmed.
CryptoQuant analyst: Extreme selling has subsided, Bitcoin may be entering the middle of a bear market.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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