CryptoQuant explained that bull market price crashes present good entry points.
The taker selling pressure hit a high of -$30 million which is bullish for crypto.
Bitcoin is already up 34% in November, printing the ATH at $99,655.50.
Blockchain analysis platform CryptoQuant stated in an X post that it’s still a good time to enter the crypto market and buy the dip, despite the significant price increases of the past few days.
Bitcoin (BTC) surged 34% in November, but data indicates investors haven’t yet seen the explosive price action and peak excitement of a crypto bull run. Altcoins also showed strong gains, and CryptoQuant believes there’s still room for growth.
CryptoQuant’s Bitcoin Bull-Bear Market Cycle Indicator shows the market hasn’t reached the “Extreme Bull phase.” The platform explained that traders can enter the market during drawdowns, which are common in bull markets. For instance, the 2017 bull run saw a 22% drawdown, while 2021 featured crashes of 10% and 30%.
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Similarly, the 2024 market cycle experienced drawdowns of 15% and 20%. Since this is just the st…
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