[Kaiko: Bitcoin at $60,000 May Be the Midpoint of the Bear Market, Bottom Likely Between $40,000 and $50,000] According to Kaiko Research, Bitcoin's recent price drop to $59,930, the lowest level since October 2024, may signify the 'midpoint' of the current bear market. Kaiko noted that this correction is the largest adjustment since Bitcoin's halving in 2024. The market has transitioned from the post-halving frenzy phase into a typical bear market cycle, which is expected to last approximately 12 months before entering a new accumulation phase. Kaiko's report shows that the crypto spot trading volume on the top 10 centralized exchanges decreased from $1 trillion in October 2025 to $700 billion in November, a 30% decline. Meanwhile, the open interest in Bitcoin and Ethereum futures dropped from $29 billion to $25 billion, a 14% decrease, reflecting market deleveraging. Additionally, Kaiko pointed out that Bitcoin's price correction of 52% from its all-time high is 'exceptionally shallow,' whereas a more historically consistent correction range would be 60%-68%. This suggests that the cycle bottom may lie between $40,000 and $50,000.