Bitcoin Enters Structural Correction Phase with 32% Drawdown from Peak

Bitcoin has entered a structural correction phase with a maximum drawdown of 32% from its all-time high, CryptoQuant analyst @AxelAdlerJr said on Dec. 5. The correction places the market in a middle zone between deep pullback and bottom formation, similar to a year-long phase seen in the previous cycle. Signal combinations show patterns historically observed during bear markets, and without improvement in macroeconomic and on-chain indicators, the risk of further decline remains elevated, requiring time for recovery and a shift in the network's profit-loss structure.