According to Cointelegraph, CryptoQuant warned of a potential mid-term decline, stating that Bitcoin (BTC)'s rise in April was driven by futures demand while spot demand decreased. BTC rose approximately 20% in April (from $66,000 to $79,000), but CryptoQuant analyzed that "the discrepancy between price increases and decreasing spot demand is a sign of a speculative rally." It also pointed out that "this structure is similar to the beginning of the 2022 bear market, which subsequently led to a sustained decline." CryptoQuant's Bulls Score index dropped from 50 to 40 despite the price increase, adding that "the current phase is historically similar to periods of sustained bear markets."
