PANews reported on April 17th, citing Cointelegraph, that Glassnode analyst CryptoViz.art stated it's too early to declare the start of a new Bitcoin bull market. Bitcoin's true market average is $78,013, and the current price below that level puts active holders at a loss. Since the price broke below this level on January 31st, it has remained below that level for 75 days, currently showing a loss of approximately 5%. Historical data shows that in the cycles of 2018 and 2022, bottoms occurred between the 5th and 9th month.

Meanwhile, capital continues to flow out of the Bitcoin market. CryptoQuant analyst and Bitcoin researcher Axel Adler Jr. points out that the 365-day growth rate of market capitalization relative to realized market capitalization remained negative across all 105 trading days in 2026, indicating that the market has failed to attract enough new funds to support higher prices. Data shows that Bitcoin's realized market capitalization has fallen from $1.12 trillion to $1.08 trillion since the beginning of the year, a drop of 3.23%. While recent indicators have improved, Adler Jr. states that this only indicates a slowdown in the rate of capital outflow, not a bullish reversal.