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Bitcoin down 50% but Cryptoquant signals cycle top may still be ahead

Technical Signals
14 Jul 2026
Bitcoin
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Neutral
Bitcoin down 50% but Cryptoquant signals cycle top may still be ahead

Bitcoin has dropped about 50% from its October 2025 peak of around $126,000, trading near $62,656 as of July 2026. However, Cryptoquant's 365-day PnL Index Signal continues to trend lower, which the firm interprets as the market still being in an accumulation phase rather than having peaked. This suggests the current Bitcoin cycle top might not have occurred yet, despite the significant price drop. While some analysts believe the peak was in October 2025, Cryptoquant's data implies the market could still be building toward a higher peak, though onchain signals are probabilistic and influenced by broader macroeconomic factors.

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