CryptoQuant: Despite a significant accumulation by Bitcoin whales, the price of Bitcoin still faces a "major correction."

ChainCatcher news, according to a report by Cointelegraph, based on a new report from CryptoQuant, Bitcoin is currently at a "critical point," with multiple on-chain indicators showing signals for further declines, while whales are experiencing the fastest accumulation of Bitcoin in over a year.

Despite Bitcoin rebounding above $57,000, the ongoing sell-off by the German government and the Mt. Gox repayments threaten further declines for Bitcoin.

The CryptoQuant report shows that the Profit and Loss (P&L) index is hovering around its 365-day moving average (MA). If this index falls below its 365-day moving average, Bitcoin could begin a significant correction, similar to previous declines.

CryptoQuant's Bitcoin bull-bear cycle indicator is also approaching a critical level, and "if the price declines further, it may transition into a bear market."