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Is the Bitcoin BCMI indicator falling to a historical bottom? On-chain momentum data analysis
【ChainText】What do on-chain indicators reveal? CryptoQuant's data analysts have noticed that Bitcoin's BCMI continues to decline, and it has now fallen below the midline level. Although it hasn't reached a historical low, this signal is quite meaningful — it's not just a routine short-term cooling, but rather the entire market undergoing a structural reset.
Looking back at historical records makes it clear. The two cycle bottoms in 2019 and 2023 both occurred when the BCMI touched the range of 0.25 to 0.35. Now? The market may be transitioning into a true bear market phase, rather than just a simple correction.
In other words, if history repeats itself, the BCMI would need to fall back to the levels seen in 2019-2023 to form a truly solid bottom. The current stage is more like a downward transition — the market is still doing the reset work and hasn't made the final move. On-chain prices and momentum are telling this story.