Bitcoin Cycle Gauges Show No Confirmed Bottom, CryptoZeno Says

Bitcoin (BTC) may remain in a correction, with cycle readings yet to confirm a bottom, CryptoQuant analyst CryptoZeno said Nov. 5, after a 46% retreat from the previous all-time high. Bitcoin was trading near $80,000 at the time. The 30-day moving average of its cycle-extremes index had fallen to 15.8%, within a “watch/mild stress” range and far below levels associated with active or extreme phases. A separate cycle-extremes oscillator had a 30-day average near the bottom of its historical range and well below 1.0. It showed no clear upward signal. CryptoZeno characterized the readings as consistent with a correction or subdued phase, rather than a confirmed cycle low. The low readings alone do not prove that selling pressure has run its course; further consolidation or another decline remained possible.

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