CryptoQuant: Bitcoin's' Ultimate 'Bear Market Bottom at Around $55000 According to a report by Golden Finance, on chain analysis firm CryptoQuant stated that Bitcoin has not yet reached the moment of complete surrender, and key indicators are still in a "bear market stage" rather than an "extreme bear market". The institution pointed out that historical data shows that the "ultimate" bear market bottom of Bitcoin usually revolves around the realized price, which is currently around $55000, more than 25% lower than the current price. In previous bear markets, prices fell below the realized price by 24% to 30% and remained stable at the bottom for 4 to 6 months. Although Bitcoin fell to $62000 on February 5th, with a single day loss of $5.4 billion, reaching a new high since March 2023, the monthly cumulative loss is still far below the historical bottom level. The MVRV ratio, NUPL indicator, and long-term holder behavior have not entered the extreme underestimation range. CryptoQuant emphasizes that its bull bear market cycle indicator is still in the "bear market stage" rather than the "extreme bear market", which typically lasts for several months and marks the beginning of the price bottoming out process.