Bitcoin is currently priced at approximately $64,550, marking a significant decline from its all-time high of $126,000 recorded in October 2025. Despite this drop, recent analysis from CryptoQuant suggests that the peak of this Bitcoin cycle may not have been reached yet.
The 365-day profit and loss (PnL) index continues on a downward trajectory, a trend that typically accompanies phases of accumulation rather than market peaks. This movement indicates that the market might be preparing for a substantial recovery, reinforcing the notion that investors are actively acquiring BTC at reduced prices.
The technical indicators derived from the PnL Index, which includes metrics such as the market value to realized value ratio (MVRV) and the net unrealized profit and loss indicator (NUPL), support this thesis. Currently, this composite measure exhibits relative weakness, suggesting that speculative activity has not surged, a key indicator of impending market peaks.
On May 12, the bull-bear indicator from CryptoQuant shifted to positive for the first time since March 2023. This change aligns with a resurgence in buying activity from major investors, ready to capitalize on the current dip in prices. Notably, on June 5, one investor took advantage of Bitcoin trading around $59,734, acquiring $98.9 million worth of BTC.
This material is for informational purposes only and should not be considered financial advice.
