CryptoQuant warns Bitcoin downturn now worse than 2022
Bitcoin could decline to $60,000 as on-chain data points to a deepening downturn that now appears more severe than the early phase of the 2022 bear market, according to CryptoQuant.
Highlights
- The analytics firm stated that its on-chain indicators confirm a bearish market structure and further deterioration in current conditions.
- Bitcoin has broken below its 365-day moving average for the first time since March 2022 and is now targeting the $70,000–$60,000 support zone.
- The primary driver behind the weakness is a sharp reversal in institutional demand.
On Wednesday, CryptoQuant reported that its Bull Score Index dropped to zero, the most bearish reading possible. Bitcoin peaked near $126,000 in early October when the index stood at 80, but turned bearish following the liquidation event on October 10 and continued to decline as prices fell further.
Bitcoin bull score index. Source: CryptoQuant, The Block
The next major support zone lies between $70,000 and $60,000.
“The $60,000 level could hold for several months, as it represents the lower boundary of the target range. Between $60,000 and $70,000 lie key support areas, including the previous cycle’s all-time high at $69,000 and Bitcoin’s production cost, estimated at roughly $65,000–$70,000,” CryptoQuant’s Head of Research Julio Moreno told The Block.
The main source of weakness is a sharp reversal in institutional demand. According to CryptoQuant, U.S. spot Bitcoin ETFs were net buyers of more than 46,000 BTC during the same period last year. In 2026, however, they have turned into net sellers, reducing holdings by approximately 10,600 BTC.
This represents a demand shortfall of around 56,000 BTC compared with 2025 and continues to contribute to sustained selling pressure, the firm added.
As we wrote, Bitcoin crashes to $65,000: Market freezes while searching for a bottom
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