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Bitcoin at a Critical Turning Point: Two Different Scenarios for Bull and Bear! - Coin Bulletin
Analysts evaluating the current status of Bitcoin (BTC) are focusing on bull and bear scenarios, indicating that we are on the brink of a critical turning point.
According to the CryptoQuant analyst, as an indicator measuring the overall health of the market, the Bitcoin Combined Market Index (BCMI), which combines metrics such as market sentiment and on-chain data, is currently trading below the 0.5 level and this indicates that an important decision point in the market is approaching. The CryptoQuant analyst states that these levels suggest that the market has reached a turning point and presents two different scenarios for the bull-bear.
According to the bull scenario proposed by the CryptoQuant analyst, there may currently be a healthy correction in the market. In this case, Bitcoin's bull market continues, and the current correction creates a buying opportunity for the next rise.
Alternatively, CryptoQuant analyst suggests that the Bitcoin market has started to enter a bear market earlier than expected. Although this situation is inconsistent with historical data, the market may still be giving a reversal signal right now.
The CryptoQuant analyst indicates that changes in BCMI's 7-day and 90-day moving averages during this critical period will provide important clues about the future of the market.