Simply put
- According to a recent report from CryptoQuant, Bitcoin’s “final bear market bottom” is estimated to be $55,000.
- The company indicates that various market indicators are now above the “extreme bearish” level, which typically signifies the start of a bottoming phase.
- Analysts suggest Bitcoin would need to decline by another 21% to reach what they call “ultimate bear market” standards.
Traders optimistic about Bitcoin marking the bottom of its cycle might be in for a letdown, based on the latest insights from CryptoQuant.
The weekly analysis emphasizes that traders should exercise patience, stating that it takes time for bear market bottoms to form. The report identifies the true bottom for Bitcoin as being $55,000.
The report asserts, “Bitcoin’s ultimate bear market bottom is currently around $55,000.” This level represents realized prices and is generally regarded as a key support area in prior bear markets.
Realized price, an indicator that tracks the average price at which investors purchased Bitcoin, has consistently indicated significant support at this level during previous downturns.
“When prices hit this point, they usually remain around it for about four to six months,” the analysis mentions.
CryptoQuant’s report also notes that its bull/bear market cycle indicator is currently in a “bearish” phase but hasn’t yet reached “extremely bearish,” a stage that often indicates the beginning of a trough.
This analysis is in line with other recent observations. Galaxy Research’s Director has pointed out the asset’s absence of short-term catalysts and its structural vulnerabilities, hinting that Bitcoin might be heading toward its 200-week moving average of $58,000.
Additionally, Standard Chartered recently revised its forecast, suggesting Bitcoin could drop to $50,000 before rebounding toward $100,000.
In a related prediction, a market survey revealed that about 54% of participants expect Bitcoin to decrease to $55,000 before potentially rising to $84,000.
Despite these predictions, Bitcoin has seen a slight increase of 1.6% in the last 24 hours, recently floating around $69,724. However, it still remains down around 27% over the past month and nearly 45% from its all-time high of $126,080 last October.
