“Every Metric” Points to a Bitcoin Bear Market, CryptoQuant Analyst Says
A CryptoQuant analyst states that nearly all metrics indicate Bitcoin is in the early stages of a bear market, expecting prices to trend lower until demand recovers.Summary
Julio Moreno, Head of Research at CryptoQuant, asserts that Bitcoin entered an early-stage bear market as far back as November 2025, a conclusion supported by nearly every on-chain and market metric. He anticipates prices will continue trending downwards in the coming months, making new all-time highs unlikely in the near term.
The primary driver for this bearish outlook is the structural contraction in Bitcoin demand. While initial demand was fueled by spot Bitcoin ETFs and regulatory support, this has reversed; ETFs have become net sellers since early November, and corporate treasury accumulation has largely ceased, with firms like MicroStrategy being the exception.
Moreno warns that if prices continue to decline, there is an increased risk of forced selling from companies holding Bitcoin as a treasury asset, potentially accelerating volatility, with a bottom possibly reaching $56,000. He stresses that the market structure will only shift when demand stops contracting and begins to grow again.
(Source：BeInCrypto)