According to Cointelegraph, CryptoQuant warned of a mid-term decline, stating that Bitcoin (BTC)'s rally in April was driven by futures demand while spot demand decreased. BTC rose approximately 20% in April (from $66,000 to $79,000), but CryptoQuant analyzed that "the discrepancy between price increase and decreasing spot demand is a sign of a speculative rally." It also pointed out that "this structure is similar to the beginning of the 2022 bear market, which subsequently led to continuous declines." CryptoQuant's Bull Score Index fell from 50 to 40 despite the price increase, adding that "the current phase is historically similar to sustained bearish periods."
