Bitcoin is currently experiencing a significant downturn, having fallen 45% from its peak in October, with analysts from CryptoQuant indicating that it has yet to reach its “ultimate bear market bottom.” According to the report, this bottom is anticipated at about $55,000, which reflects the realized price level—a critical area of price support during past bear markets. This pattern aligns with historical trends where Bitcoin’s bear market bottoms often form around the realized price, followed by a stabilization period. This sentiment is echoed by Standard Chartered’s recent forecast and prediction markets, both suggesting further declines to around $50,000 before any potential recovery.
CryptoQuant Report: Bitcoin Yet to Hit Bear Market Bottom
