Bitcoin Is Down Bad, But Hasn't Yet Hit Its 'Ultimate Bear Market Bottom': Analysts

Core Insights - Bitcoin is expected to have a bear market bottom around $55,000, which is identified as a significant price support level based on historical data [2][3] - The bear market bottom typically takes time to form, with the price likely to hover around the bottom level for 4-6 months [3] - Current indicators suggest that Bitcoin is still in the "bear" phase and has not yet entered the "extreme bear" phase that usually signals the start of a bottom [3] Price Predictions - Standard Chartered forecasts that Bitcoin could drop to $50,000 before any potential rebound towards $100,000 [4] - Predictors on Myriad suggest a similar outlook, with expectations for Bitcoin to decline to $55,000 before a rise to $84,000 [4] - As of the latest data, Bitcoin has recently traded at approximately $69,724, reflecting a 27% drop over the past 30 days and nearly a 45% decline from its all-time high of $126,080 [5]