Analyst: Bitcoin Cycle Indicators Suggest Pullback May Not Be Over, Cycle Bottom Not Yet Confirmed

Tapbit news, Nov. 5 — CryptoQuant analyst CryptoZeno said in a post that Bitcoin cycle indicators suggest the current pullback may not be over yet. Market structure points to a cooling cycle, but has not yet reached the extreme conditions typically seen at major turning points. The 30-day moving average of the Bitcoin Cycle Extremes Index has fallen to 15.8%, putting it in the "watch/mild stress" range. Bitcoin is currently trading near $80,000, about 46% below its previous all-time high. Although the drawdown is large, the index remains far below levels seen in active or extreme phases.

CryptoZeno noted that the cycle extremes oscillator also supports a cautious view: its 30-day moving average is near the bottom of its historical range and far below the 1.0 threshold, with no clear upward signal at present. The indicators suggest Bitcoin is in a pullback and depressed phase, rather than a confirmed cycle bottom. Although the roughly 46% drawdown is significant, low readings alone cannot prove that selling pressure has been exhausted. Before a sustained rebound takes shape, the market may still consolidate further or see another leg down. The key signal is a sustained rise in the Cycle Extremes Index toward the active phase, accompanied by a recovery in the oscillator.