CryptoQuant analyst says the Bitcoin adjustment may not be over yet

On-chain data analysis platform CryptoQuant certified analyst CryptoZeno stated that the current market structure of Bitcoin shows that the cycle heat is cooling down, but there are no extreme signals commonly seen near significant historical turning points. The 30-day moving average of the Bitcoin Cycle Extremum Index has dropped to 15.8%, which is in the observation or mild pressure range.

Currently, the BTC price has retraced about 46% from its previous historical high, but the index remains far below the levels that represent active or extreme phases. The Cycle Extremum Oscillation Indicator is also showing cautious signals, with its 30-day moving average close to the historical range bottom and significantly below the 1.0 threshold. In previous active market phases in early 2021 and during multiple periods from 2024 to 2025, this indicator had significantly increased, but no similar changes have been observed so far. CryptoZeno indicated that BTC is currently closer to an adjustment and low activity phase rather than a confirmed cycle bottom, and the low indicator readings do not mean that selling pressure has been exhausted. There may still be continued consolidation or even a new round of declines, and attention should be paid to whether the Cycle Extremum Index can continue to rise back to the active phase, as well as whether the oscillation indicator can recover simultaneously.