Bitcoin's Price Drop: More Corrections Ahead, Warns CryptoQuant

Bitcoin's price has not yet reached its bottom, according to CryptoQuant Research Director Julio Moreno. All valuation indicators have entered the correction range, and it may take more time for the market to adjust.

For instance, the MVRV (Market Value to Realized Value) ratio is currently below its 365-day moving average. This indicator represents the ratio of the circulating market capitalization to the realized capitalization. Each time the MVRV falls below this average, it requires time to adjust.

Analysts are closely monitoring the market to determine if Bitcoin's price has indeed bottomed out or if further adjustments are needed. The cryptocurrency market remains volatile, and investors are advised to stay informed about the latest developments.