Demand for Bitcoin has slowed, which may indicate the beginning of a bearish cycle.

According to CryptoQuant, the asset could drop to $70,000 in the coming months, and potentially to $56,000 in the long term.

Analysts believe that the current decline is due to waning demand from ETFs and institutions.$BTC

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According to estimates from CryptoQuant, the price of the first cryptocurrency could decrease to around $70,000 in the coming months. In the event of further market weakening, analysts do not rule out a deepening correction to $56,000 — this is currently the level at which the realized price of Bitcoin is located, historically corresponding to the end of bearish phases. The company noted that such a downturn would be the smallest among all previous cycles — about 55% from the last historical peak.$SOL

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