CryptoQuant on-chain platform analysts have stated that Bitcoin's next bear market has not yet reached its full bottom, and an "iron bottom" is expected around December 2026 within a price range of $55,000 to $60,000. This cycle may still need to undergo a "final cleansing" before the bottom formation is complete. According to historical patterns, the market could enter a consolidation phase approximately two years after reaching the bottom at the end of 2026, with the next bull market peak expected in the second half of 2029, coinciding with Bitcoin's 2028 halving cycle. The analysis is based on several on-chain indicators, including the MVRV Z-score. Although this indicator has cooled down, it has not yet entered the undervalued (negative) zone. Historically, every "iron bottom" of a bear market has been accompanied by the MVRV Z-score falling below zero, indicating that the market has not yet entered an extremely pessimistic phase.