According to a CryptoQuant report, Bitcoin has not yet reached its bear market bottom despite a 45% drop since October. The report suggests the true bottom for BTC is $55,000, a level that represents the realized price, which has historically been a major price support area in previous bear markets. Predictors on Myriad, a prediction market operated by Dastan, favor Bitcoin’s drop to $55,000 before a pump to $84,000.
CryptoQuant's recent report indicates that Bitcoin's bear market bottom has not yet been reached, despite a 45% drop from its October peak. The firm suggests that the 'ultimate bear market bottom' for BTC is around $55,000, representing the realized price, which has historically acted as a major price support area during previous bear markets. The realized price is the average price at which investors have purchased a specific cryptocurrency. CryptoQuant notes that once the price reaches this level, it tends to fluctuate around it for 4-6 months. Their bull-bear market cycle indicator is currently in the 'bear' phase and has not yet entered the 'extreme bear' segment that typically marks the beginning of a bottom phase.
Standard Chartered updated its forecast to indicate that BTC could drop to $50,000 before any rebound towards $100,000. Predictors on Myriad, a prediction market operated by Dastan, are also leaning towards Bitcoin dropping to $55,000 before a rise to $84,000.
- Bitcoin's bear market bottom is estimated around $55,000.
- Realized price has historically been a major price support area.
- The bull-bear market cycle indicator is currently in the 'bear' phase.
- Standard Chartered predicts a potential drop to $50,000 before a rebound.
- Myriad prediction market favors a drop to $55,000 before a rise to $84,000.