CryptoQuant: The market has entered a structural adjustment phase, and the possibility of continued decline remains high

CryptoQuant analyst @AxelAdlerJr, combining on-chain signal indicators for Bitcoin, states that the current market has entered a deep adjustment phase, which lasted for a year in the previous cycle. The current maximum drawdown for Bitcoin from its historical high is -32%, placing it in the middle area between deep correction and market bottom. If there is no improvement in macroeconomic conditions and on-chain signals, the market still faces the risk of continued decline.

In summary, the current signal combination indicates that the market has entered a structural adjustment phase: the profit and loss score corresponds to historical bear market areas, and the -32% drawdown has exceeded typical cyclical adjustments. As long as there are no signs of improvement in on-chain and macro indicators, the likelihood of continued decline remains high, and recovery will take time, requiring a shift in the internal sentiment of the network's profit and loss structure.