Bitcoin price recovers from its recent sell-off, as data from CryptoQuant suggests that the bull market is “far from over.”
Sharp double-digit corrections in Bitcoin price are par for the course, as data shows BTC remaining in a strong bull cycle.) price dropped 13% from its new all-time high of $73,835 to briefly trade near $60,000. The correction was caused byin what analysts have christened a “pre-halving retrace” ahead of the Bitcoin halving event that is roughly 30 days away.
“The Bitcoin bull cycle is still far from over, as shown by the relatively low level of new investment flows.”The chart above also reveals that this metric has “reached levels similar to mid-2019 when Bitcoin also experienced a meaningful correction,” something that short-term traders should watch out for.
“CryptoQuant P&L Index is still outside a market top zone and above the index's 1-year moving average.”CryptoQuant’s PnL index is made up of three on-chain indicators that show the profitability of Bitcoin. The index has previously indicated that the crypto market will enter a bull cycle in 2024. However, the chart above shows that the current level is slightly below those observed when the market peaked during the 2013, 2017 and 2021 bull runs.Bitcoin halving countdown.
Historically, Bitcoin’s supply halving has been associated with an uptick in BTC’s price. The halving has always preceded a significant bull run in the Bitcoin market.
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