Cryptoquant: The BTC cycle peak may not have occurred yet, with the price down about 50% from historical highs

Cryptoquant indicates that its 365-day PnL index signal continues to decline, showing that the current BTC cycle may not have reached its peak yet. BTC is currently trading at approximately $62,656, down about 50% from its historical high of around $126,000 in October 2025.

Cryptoquant's bull-bear cycle indicator turned green on May 12, 2026, marking the first bullish signal since March 2023. Cryptoquant stated that this indicator had shown false positives in 2022, and the green signal itself does not guarantee a sustained upward trend. A major whale bought BTC worth $98,900,000 at the low of $59,734 on June 5 and made a profit of $3,500,000 within two days after the market rebound. BTC has since maintained above $60,000, trading at approximately $62,550 at the time of writing.