CryptoQuant Bullish Score at 20 Signals Bearish Outlook for BTC Correction

Bitcoin (BTC) has seen a sharp correction, falling as much as 23% from its recent peak. Cryptocurrency analytics firm CryptoQuant introduced the Bullish Score Index, a composite metric assessing ten indicators including network activity, investor profitability, Bitcoin demand, and market liquidity. Currently sitting at 20—the lowest level since January 2023—the index suggests a weak market environment. Historically, major price rallies have only occurred when the index remained above 60, while prolonged readings below 40 have been associated with bear markets. Analysts caution that if the index stays below 40 for an extended period, the downside risk could intensify, making a rapid recovery unlikely without significant improvements in fundamental metrics. In related news, Coinbase’s surprise addition of three altcoins underscores the volatility in the crypto space, though the focus remains on Bitcoin’s performance.