[CryptoQuant: Bitcoin May Reach 'Iron Bottom' by Late 2026, Target Range $55,000-$60,000] Golden Finance reports that on-chain analytics platform CryptoQuant analysts have written that Bitcoin's next bear market has not yet fully bottomed out, with the 'iron bottom' expected to appear around December 2026, within a price range of $55,000 to $60,000. This cycle may still need to experience a 'final capitulation' before completing the bottom formation. Based on historical patterns, the market may enter an accumulation phase of approximately two years after bottoming out at the end of 2026, with the next bull market peak potentially occurring in the second half of 2029, coinciding with Bitcoin's halving cycle in 2028. Reportedly, this analysis is based on multiple on-chain indicators, including the MVRV Z-score. While this indicator has cooled down, it has not yet entered the negative (undervalued) range. Historically, every bear market 'iron bottom' has been accompanied by the MVRV Z-score falling below the zero axis, indicating that the market has not yet entered an extremely pessimistic phase.