Crypto Bear Market Began in November: CryptoQuant

Julio Moreno, head of research at CryptoQuant, stated that based on his firm's bull score index metrics, which track network activity, investor profitability, demand, and liquidity, Bitcoin entered a bear market in early November. The final confirmation, according to Moreno, is the price falling below its one-year moving average. Although Bitcoin started 2025 around $93,000 and peaked at $126,080 in October, it ended the year lower. Moreno predicts the bear market bottom will likely fall between $56,000 and $60,000 over the coming year, aligning with historical patterns where prices approach the realized price (the average purchase price of holders). He views a potential 55% drawdown from the all-time high as less severe than previous bear markets (which saw 70-80% drops). Furthermore, Moreno argues this bear market is more stable due to the absence of major collapses like those seen in 2022, and the presence of steady institutional accumulation via entities like ETFs, suggesting structural demand remains stronger.

(Source：Cointelegraph)