CryptoQuant: The market is undergoing a structural reset rather than a simple correction

PANews, December 24 – According to CryptoQuant analysts, the on-chain indicator BCMI for bitcoin continues to decline and is currently below the equilibrium value, though still above the historical bottom range. This suggests that the market is not only experiencing a cooling phase, but is undergoing a structural reset through both price and on-chain momentum. Historically, the cycle bottoms in 2019 and 2023 formed when the BCMI touched the 0.25-0.35 range. From a data perspective, the current market may be transitioning into a bear market phase rather than a simple correction. If past patterns repeat, a more sustained bottom may only form when the BCMI index falls back to the 2019-2023 levels. At this stage, the market appears to be in a downward transition phase rather than having completed a reset.