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 and Ether ETFs See $443 Million Inflows as Crypto Demand Picks Up
U.S. spot Bitcoin and Ether ETFs saw significant inflows, totaling $443.3 million on April 9, indicating renewed institutional interest in crypto funds. Bitcoin ETFs led with $358.1 million, driven by BlackRock's iShares, while Ether ETFs gained $85.2 million, primarily from BlackRock’s ETHA. This surge reflects a shift in investor sentiment and confidence in the crypto market.
CryptometerIo43m ago
Strategy Single-day frenzy snapping up 3,468 bitcoins! STRC’s “print money to buy coins” firepower is fully turned on, with total holdings nearing 770k BTC
Strategy, led by Michael Saylor, on April 10 alone, is estimated to have gone on a buying spree of 3,468 bitcoins by issuing STRC preferred shares, with its total holdings nearing 770k BTC. STRC offers an annualized return of up to 11.5%, helping it continue to expand its capital base and become the world’s largest bitcoin holder.
動區BlockTempo1h ago
BTC breaks through 73000 USDT, with a 24-hour increase of 0.48%
Gate News message: On April 11, according to a certain CEX price feed, BTC broke through 73,000 USDT, and is currently quoted at 73,024.4 USDT, up 0.48% over the past 24 hours.
GateNews4h ago
