Bitcoin Risks Multi-Year Downtrend as Price Indicators Approach Sell-Off Territory

According to new research from CryptoQuant, Bitcoin may be entering a sell-off period, as the Index of Bitcoin Cycle Indicators (IBCI) approaches the end of the range. The IBCI is made up of seven onchain indicators, including popular tools such as the Puell Multiple and Net Unrealized Profit/Loss. While not all of the index's constituent parts are flashing danger for Bitcoin bulls, the IBCI reaching 100% historically indicates a bear market. However, there may still be room for growth before a definitive market top.