CryptoQuant's latest analysis indicates that Bitcoin's BCMI indicator has fallen below equilibrium levels, suggesting a potential shift towards a bear market phase. Although the indicator remains above historical lows, it points to a structural reset in progress. Historically, cycle bottoms in 2019 and 2023 were marked by BCMI levels of 0.25–0.35. Currently, the data suggests a downward transition phase rather than a complete reset. Amid Bitcoin's decline, traders are also monitoring altcoins for potential rebounds, as the market adjusts to these new signals.