Bitcoin ( BTC ) tapped $87,000 on March 20, 14% above its low of $76,60, reached on March 11 amid a slight improvement in market sentiment. However, BTC price has since slid toward $84,000, down 2% over the last 24 hours, raising questions about whether the asset could drop further over the next few days. BTC/USD daily chart. Source: Cointelegraph/ TradingView Bitcoin Bull Score at two-year lows Bitcoin’s latest drawdown saw it drop as much as 30% from its all-time high above $109,000 reached on Jan. 20. Related: Here’s why Bitcoin price can’t go higher than $87.5K This has seen its Bull Score Index drop to levels last seen in 2023, signaling a possible “continuation of bearish market conditions,” according to CryptoQuant’s latest Weekly Crypto report . Key takeaways: Bitcoin’s Bull Score Index measures the percentage of several bullish metrics out of a total of ten key indicators. These are indicators that track Bitcoin’s network activity, investor profitability, demand, and market liquidity. The index ranges from 0 to 100, with higher values signaling a strong investment environment and lower values indicating bearish conditions. Historically, a score of 60 or more has always been associated with strong rallies, as seen during the 2021 bull market and again from late 2023 to early 2024. On the other hand, values below 40 have historically aligned with bear markets, such as the downturns seen during the 2022 and mid-2023 bear markets. Bitcoin: Bull Score Index. Source: CryptoQuant The chart above shows that the Bull Score Index is currently at 20, marking its lowest reading since January 2023. This “suggests a weak investment environment for Bitcoin, reducing the likelihood of a sustained rally in the near term,” CryptoQuant said, adding: “If the score remains below 40 for an extended period, it could signal the continuation of bearish market conditions, similar to previous bear market phases.” The report points out that a number of key metrics have turned red since mid-February 2025, “reflecting a deteriorating investment environment for Bitcoin.” Perhaps this is what informed CryptoQuant founder and CEO Ki Young Ju’s bearish sentiments when he said that the Bitcoin bull cycle is over. He added: “Expecting 6-12 months of bearish or sideways price action.” Bitcoin bear flag projects 28% more losses From a technical perspective, BTC price trades within a bearish continuation pattern that indicates a potential correction ahead despite the ongoing consolidation. Key points: BTC is trading within a bear flag pattern, indicating the possibility of continuing with the downward momentum if key support levels don’t hold. The bear flag developed after Bitcoin’s drop from $109,000 to a local low of $76,600 between Jan. 21 and March 11. The consolidation within the bear flag has BTC trading in an ascending parallel channel, with today’s drop testing critical support levels, including the lower boundary of the flag at $83,700. BTC/USD daily chart. Source: Cointelegraph/ TradingView A breakdown of this level could trigger another price crash. The bear flag’s downside target, derived from the height of the previous drop, is approximately $60,000, representing a 28% decline from the current price. Popular analyst AlphaBTC says it “would be bad” if Bitcoin lost its 24-hour low at $83,630, which aligns with the flag’s support line. An accompanying chart projects a drop to $75,000 if this happens. BTC/USD 2-hour chart. Source: AlphaBTC This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
