Report: Bitcoin Shows Signs of Repeating 2022 Trading Patterns

Jinse Finance reported that on May 21, CryptoQuant stated in a report that Bitcoin's recent price movement is similar to the situation more than four years ago. According to CryptoQuant, Bitcoin's recent rise to around $82,000 mirrors a previous surge—at the beginning of 2022, Bitcoin started at about $44,000 and, by March of that year, rose to a then all-time high of over $72,000. Afterwards, Bitcoin fell back to around $16,000 before gradually recovering and reaching a new all-time high of nearly $125,000 last October. CryptoQuant believes that a similar scenario may now be unfolding. "As stagnant stablecoin liquidity and negative price momentum simultaneously erode the aggregate signal, the CryptoQuant bull score index has dropped from 40 to 20, moving into an extremely bearish zone," CryptoQuant stated.