- CryptoQuant analysts report Bitcoin‘s “ultimate bear market bottom” price is approximately $55,000.
- The firm’s market indicator has not yet entered the “extreme bear” phase that historically signals a bottoming process.
- Prediction markets currently favor Bitcoin dropping to $55,000 before a potential rally, according to recent data.
A new analysis from on-chain analytics firm CryptoQuant has delivered a sobering message for Bitcoin investors, suggesting the flagship cryptocurrency has further to fall before finding its true market bottom this cycle. The firm’s weekly report states that traders need patience, as bear market bottoms historically take considerable time to fully form.
Specifically, CryptoQuant identifies $55,000 as Bitcoin’s “ultimate bear market bottom,” a level aligned with the asset’s realized price. “This level represents the realized price, which historically has been a major price support area in previous bear markets,” the report explains. Consequently, Bitcoin would need to decline an additional 21% from its recent trading level to reach this critical support zone.
This perspective aligns with other recent analyses, including from Galaxy‘s head of research, who cited structural weaknesses. Meanwhile, Standard Chartered recently updated its own forecast, indicating a potential drop to $50,000 could precede any significant rebound towards $100,000. The firm’s indicator also remains only in a “bear” phase, not yet reaching the “extreme bear” segment that has typically marked the start of a bottom.
Nevertheless, Bitcoin’s price action showed some resilience, climbing 1.6% over a recent 24-hour period to approximately $69,724. However, the asset remains down roughly 27% over the past month and nearly 45% from its all-time high of $126,080 recorded in October.
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