CryptoQuant: Futures-led rally signals potential multi-month BTC correction

CryptoQuant has warned of a potential medium-term decline for Bitcoin, noting that its April rally was driven by futures demand while spot demand fell, Cointelegraph reported. Although BTC gained around 20% in April, rising from $66,000 to $79,000, the analytics firm described the divergence between rising prices and falling spot demand as a signal of a speculative rally. CryptoQuant pointed out that this market structure resembles the beginning of the 2022 bear market, which led to a sustained downturn. The firm's Bull Score index also dropped from 50 to 40 despite the price increase, a pattern it said is historically similar to periods of prolonged bearish activity.