According to data from the analysis platform CryptoQuant, Bitcoin is entering a bearish zone, with institutional demand dwindling and key market indicators signaling an impending downward phase.

CryptoQuant stated in its latest cryptocurrency weekly report that the market conditions for Bitcoin have become "extremely bearish" during the current bull market cycle that began in January 2023.

The CryptoQuant bull market score index has dropped to an extremely bearish 20/100, while the Bitcoin price is significantly below the 365-day moving average of $102,000—this is a key technical level and the last bearish signal marking the start of the 2022 bear market.

This price decline coincides with weakened institutional demand, including Bitcoin treasury companies like Strategy, owned by Michael Saylor, reducing their purchases, as well as limited inflows into exchange-traded funds (ETFs).

Although Strategy's most recent purchase of 8,178 Bitcoins (worth $835 million) marked the largest single acquisition since July 2025, CryptoQuant's research director Julio Moreno pointed out in a post on platform X on Wednesday that this buying intensity is still far less than previous significant purchases.

"Treasury companies have basically stopped buying, and some have even sold part of their holdings," Moreno stated, mentioning companies like Metaplanet, which last purchased Bitcoin in September.

Reflecting on past major market catalysts, CryptoQuant noted that Trump's victory in the 2024 presidential election led Bitcoin to break the $100,000 mark for the first time and set a new high in early December of that year.

In 2025, the establishment of several Bitcoin treasury companies drove Bitcoin to surpass $120,000 in August. "These catalysts no longer exist," the report stated, adding:

This downward trend may align with the four-year cycle theory. CryptoQuant pointed out that this is similar to previous four-year cycles from 2014–2017 and 2018–2021, and the current cycle (2022–2025) is also expected to conclude under this standard.

"Does this mean Bitcoin's price will collapse rapidly? Not necessarily. So far, Bitcoin has experienced a 28% pullback and is nearing the important support range of $90,000–$92,000," the report added:

Hours after CryptoQuant released the report, Bitcoin briefly fell below $90,000 on Wednesday, hitting a low of $88,400, the lowest point since April 2025, according to Coinbase data. The cryptocurrency has since slightly rebounded, trading around $91,650 at the time of publication.

Related: Analyst: Cathie Wood's ARK Invest significantly increased holdings in Circle, BitMine, and Bullish during the decline of crypto stocks.

Original article: “Bitcoin (BTC) Drops to ‘Extremely Bearish’ Zone: Is This Bull Market Coming to an End?”

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