TechFlow news, December 24 — CryptoQuant published an analysis indicating that the Bitcoin on-chain metric BCMI has continued to decline, currently falling below the equilibrium level but still above the historical bottom range. Analysts believe this suggests the market is undergoing not just a cooling phase, but a structural reset driven by price and on-chain momentum. Historical data shows that the cycle bottoms in 2019 and 2023 formed when BCMI reached the 0.25–0.35 range. From a data perspective, the current market may be transitioning into a bear market phase rather than experiencing a simple pullback, being in a downward transition stage rather than a full reset.
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