CryptoQuant: The market has entered a structural adjustment phase, and the likelihood of continued decline remains high.

Jinse Finance reported that CryptoQuant analyst @AxelAdlerJr, based on an analysis of bitcoin on-chain signal indicators, stated that the current market has entered a deep correction phase, which lasted for a year in the previous cycle. The current maximum drawdown of bitcoin from its historical high is -32%, placing it in the middle zone between a deep correction and a market bottom. If macroeconomic and on-chain signals do not improve, there is still a risk of continued decline in the market. In summary, the current combination of signals indicates that the market has entered a structural adjustment phase: the profit and loss score corresponds to the bear market area in history, and the -32% drawdown has already exceeded a typical cyclical correction. As long as there are no signs of improvement in on-chain and macro indicators, the possibility of a continued decline remains high. Recovery will take time and requires a shift in sentiment within the network's profit and loss structure.