In brief
- Bitcoin’s “ultimate bear market bottom” is $55,000, according to a new report from CryptoQuant.
- The firm’s market indicator also sits above its “extreme bear” phase, which has typically marked the start of bottoming process.
- Bitcoin would need to fall another 21% to reach the “ultimate bear market” mark, per analysts.
Bitcoin traders hoping that the top crypto asset has already marked its bottom for the cycle are likely to be disappointed, according to a new report from CryptoQuant.
The firm’s weekly report insists traders need patience, noting that bear market bottoms “take time to form,” while citing the true bottom for BTC is $55,000.
“Bitcoin’s ultimate bear market bottom is around $55K today,” the report reads. “This level represents the realized price, which historically has been a major price support area in previous bear markets.”
The realized price—a metric that tracks the average price at which investors have purchased a specific cryptocurrency—has been touched during both of the last two bear market bottoms, according to data from the firm.
“Once the price gets to this level, it tends to gravitate around it for 4-6 months,” the firm wrote.
The firm’s report also notes that its bull-bear market cycle indicator is only in the “bear” phase, and has not entered the “extreme bear” segment that has typically marked the beginning of a bottom phase.
CryptoQuant’s analysis mirrors that from others in the last few weeks. Galaxy’s head of research noted the asset’s lack of near-term catalysts and structural weakness as reasons it could head towards its 200-week moving average around $58,000.
Plus, earlier this week, Standard Chartered updated its forecast to indicate that BTC could drop to $50,000 before any sort of rebound towards $100,000.
Predictors on Myriad—a prediction market operated by Decrypt’s parent company, Dastan—feel similarly, favoring Bitcoin’s drop to $55,000 before a pump to $84,000 at around 54% as of Saturday morning.
Nevertheless, BTC has climbed 1.6% in the last 24 hours, recently changing hands around $69,724. At that mark, it has now dropped around 27% in the last 30 days and has fallen nearly 45% from its October all-time high of $126,080.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
Bitcoin Death Cross Appears on Three-Day Chart, What Could Follow? - U.Today
Bitcoin recently formed a death cross on the three-day chart, which historically precedes significant bear market declines. This pattern suggests the potential for further downward movement in the current cycle, echoing past trends since 2014.
UToday4m ago
Bitcoin and Ethereum ETFs Record Daily Outflows While Maintaining Weekly Gains
Gate News bot message, according to the March 6 update, Bitcoin ETFs recorded a daily net outflow of 1,697 BTC (valued at $116.94 million), while maintaining a 7-day net inflow of 13,014 BTC (valued at $896.69 million). Ethereum ETFs showed a daily net outflow of 3,185 ETH (valued at $6.34 million),
GateNews19m ago
$50,000 BTC in 2026: Bloomberg's Commodities Strategist Names Bitcoin "Young Bear" - U.Today
Bloomberg analyst Mike McGlone predicts a bearish outlook for Bitcoin and silver, forecasting both to decline to $50,000 and $50 per ounce, respectively. He attributes this to market mean reversion, geopolitical tensions, stock market volatility, and Bitcoin's historical ratio to silver.
UToday20m ago
