Cryptocurrency analytics firm CryptoQuant is saying that Bitcoin (BTC) could be at an inflection point.
According to the analytics firm, Bitcoin could be near a level where a further fall in price is unlikely.
“The average duration of the Bitcoin drawdown might indicate that Bitcoin is close to where most of the drawdowns typically stop.”
CryptoQuant says that the recent dip in Bitcoin’s price from around $52,000 to around $46,000 shows that the flagship cryptocurrency is “right at the edge where most of the drawdowns typically stop.”
According to the crypto analytics firm, Bitcoin has spent 68% of the time ranging between 40% and 85% off its all-time high – the typical period spent by an asset in a global maxima drawdown. A global maxima