Bitcoin may face a new bear market as significant price metrics show divergence concerns.
Bitcoin Macro Index Decline
The Bitcoin Macro Index, created by Capriole in 2022, signals potential bearish divergence. The index uses machine learning to analyze data, excluding price technical analysis, making it a unique tool for assessing Bitcoin's relative value.
BTC Price Metrics Struggle
Many analysts note that Bitcoin is experiencing macroeconomic turbulence this year. Metrics like Market Value to Realized Value (MVRV) and Net Unspent Profit/Loss (NUPL) remain in a state of flux.
Analysts' Conclusions
According to CryptoQuant, current indicators do not signal an overheated Bitcoin market. However, the Inter-Exchange Flow Pulse (IFP) indicates periods of instability and should rise above its 90-day simple moving average to change the outlook.
While the Bitcoin Macro Index and other metrics point to some risks, many analysts believe the market has not yet reached a potential cycle top.
