CryptoQuant analysis suggests bear cycle return is unlikely despite macro headwinds

CryptoQuant analysts assess that Bitcoin is unlikely to have entered a new bear cycle despite persistent macroeconomic headwinds. Their analysis points to on-chain and market indicators that remain inconsistent with the sustained selling, distribution, and liquidity deterioration typically seen in prolonged downturns. The implication is that near-term volatility and downside risks remain, but the broader Bitcoin market structure may still support a recovery or continued bullish cycle rather than a deep bear market.