[Analysis] "Bitcoin Bull Score Index Hits Lowest Since 2023…Potential for Further Decline"
Suehyeon Lee
Summary
- It was reported that the Bitcoin Bull Score Index has fallen to 20, the lowest level since 2023.
- In the past, when the Bull Score Index was above 60, the upward trend continued, and when it was below 40, a bearish market followed.
- It was analyzed that as the current index has fallen to 20, the possibility of further declines cannot be ruled out.
The Bitcoin (BTC) Bull Score Index has recorded its lowest level since 2023, raising the possibility of further declines.
On the 21st (local time), CryptoQuant reported in its weekly virtual asset (cryptocurrency) report that the 'Bull Score Index', which measures the bullishness of the Bitcoin market, has fallen to 20. This is the lowest level since January 2023.
It further analyzed, "In the past, when the index exceeded 60, a strong upward trend continued, and when it stayed below 40 for a long time, a bearish market followed. As the current index has fallen to 20, the market cannot rule out the possibility of further declines."
Suehyeon Lee
shlee@bloomingbit.ioI'm reporter Suehyeon Lee, your Web3 Moderator.
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