Although in April $BTC increased by approximately 20%, rising from $66,000 to $79,000, CryptoQuant noted that the divergence between the decline in spot demand and the price increase is a signal in the blockchain indicating speculative rather than structural growth. At this stage, CryptoQuant analysts pointed out that this market structure resembles the beginning of the 2022 bear market, which led to a prolonged downturn. The analytical company also noted that the April bullish sentiment index decreased from 50 to 40, indicating a deterioration in market conditions. In conclusion, CryptoQuant stated that Bitcoin is likely to face downward pressure, noting that this trend is similar to historically prolonged periods of bear markets.