{"id":77408,"date":"2023-04-18T13:40:00","date_gmt":"2023-04-18T10:40:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=77408"},"modified":"2025-09-10T23:10:35","modified_gmt":"2025-09-10T20:10:35","slug":"analysts-say-the-bear-market-in-bitcoin-has-ended","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/analysts-say-the-bear-market-in-bitcoin-has-ended\/","title":{"rendered":"Analysts say the bear market in Bitcoin has ended"},"content":{"rendered":"<p>Bitcoin price sits above an accumulation cluster of $16,000\u2013$25,000, where most coins have moved to buyers. On-chain indicators show the bear phase in Bitcoin&#8217;s market has ended, according to Glassnode.<\/p>\n<blockquote class='twitter-tweet'>\n<p lang='en' dir='ltr'>Is the <a href='https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&#038;ref_src=twsrc%5Etfw'>#Bitcoin<\/a> bear market over?<\/p>\n<p>With a rally 100% off the lows, <a href='https:\/\/twitter.com\/search?q=%24BTC&#038;src=ctag&#038;ref_src=twsrc%5Etfw'>$BTC<\/a> is trading above a very large cluster of supply, that formed the 2022 floor.<\/p>\n<p>This week, we investigate indicators showing if the market making a robust bear market recovery\u2026or not.<a href='https:\/\/t.co\/eeQ1xeE07I'>https:\/\/t.co\/eeQ1xeE07I<\/a> <a href='https:\/\/t.co\/PKHJc7EF18'>pic.twitter.com\/PKHJc7EF18<\/a><\/p>\n<p>\u2014 glassnode (@glassnode) <a href='https:\/\/twitter.com\/glassnode\/status\/1647993330524127232?ref_src=twsrc%5Etfw'>April 17, 2023<\/a><\/p><\/blockquote>\n<p> <script async='' src='https:\/\/platform.twitter.com\/widgets.js' charset='utf-8'><\/script><\/p>\n<p>One of the drivers of the price doubling from November lows was turmoil in the US banking sector and, as a result, a rise in the perception of Bitcoin as a &#8216;safe-haven asset&#8217;.<\/p>\n<p>Analysts noted a strengthening of the correlation between gold and its digital counterpart on a 30-day, three-month and yearly basis as demand for &#8216;hard money&#8217; grows.<\/p>\n<div class='wp-block-image'>\n<figure class='aligncenter size-full'><img decoding='async' src='https:\/\/u1f987.com\/wp-content\/uploads\/image-202.webp' alt='image-202' class='wp-image-204632'\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<\/div>\n<p>Experts found a predominance of purchases among hodlers prior to the FTX collapse (they currently hold 14.16 million BTC) and, overall, neutral sentiment among speculators after that episode in history \u2014 the number of coins they have held over the last 155 days hovered near the current 2.914 million BTC.<\/p>\n<figure class='wp-block-image size-full'><img decoding='async' src='https:\/\/u1f987.com\/wp-content\/uploads\/image-204.webp' alt='image-204' class='wp-image-204639'\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<p>By price levels and groups, analysts identified three important clusters:<\/p>\n<ul class='wp-block-list'>\n<li>&lt; $25,000 \u2014 the majority of coins changed hands between June 2022 and January 2023, roughly evenly split between hodlers and speculators;<\/li>\n<li>from $25,000 to $30,000 \u2014 recent acquisitions (7.25% of BTC in circulation), reflecting a combination of profit-taking and technical buying after breaking the $25,000 psychological level;<\/li>\n<li>&gt; $30,000 \u2014 &#8216;survivors&#8217; of bear market, long-term investors (22.2%).<\/li>\n<\/ul>\n<figure class='wp-block-image size-full'><img decoding='async' src='https:\/\/u1f987.com\/wp-content\/uploads\/image-205.webp' alt='image-205' class='wp-image-204640'\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<p>Experts noted that market strength since the start of the year is underpinned by a surge in the number of coins held in profit.<\/p>\n<p>The bear market bottom is characterised by widespread capitulation, accompanied by a corresponding influx of demand to absorb it. When price exits the zone forming a medium-term extreme, the coins bought back move back into profit.<\/p>\n<p>In 2023, 6.2 million BTC\u2014about 32.3% of supply\u2014had this status, illustrating the sizable cost basis at prices below $30,000, the analysts said.<\/p>\n<figure class='wp-block-image size-full'><img decoding='async' src='https:\/\/u1f987.com\/wp-content\/uploads\/image-203.webp' alt='image-203' class='wp-image-204635'\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<p>Even as the price has doubled from the lows, analysts do not observe a substantial uptick in spending on older coins. The chart below shows that coins aged less than three months still account for less than 20% of &#8216;the wealth&#8217;, a level typically associated with bear-cycle bottoms.<\/p>\n<p>The flip side is also true \u2014 the share held by owners of coins older than three months sits at 80%, despite the crypto winter of 2022.<\/p>\n<figure class='wp-block-image size-full'><img decoding='async' src='https:\/\/u1f987.com\/wp-content\/uploads\/image-206.webp' alt='image-206' class='wp-image-204641'\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<p>In conclusion, analysts note high on-chain activity. The daily transaction count exceeds 270,000, which could push the monthly metric toward a cyclic high. Partly, analysts attribute the trend to sustained interest in the <a href=\"https:\/\/u1f987.com\/en\/news\/bitcoin-nfts-how-the-ordinals-project-is-shaping-the-bitcoin-blockchain\"> Ordinals<\/a> project \u2014 the number of Bitcoin NFTs has surpassed 1 million.<\/p>\n<figure class='wp-block-image size-full'><img decoding='async' src='https:\/\/u1f987.com\/wp-content\/uploads\/image-207.webp' alt='image-207' class='wp-image-204643'\/><figcaption>Data: Glassnode.<\/figcaption><\/figure>\n<p>As reported, Ark Invest analyst Yasin Elmandjra forecast Bitcoin reaching the <a href=\"https:\/\/u1f987.com\/en\/news\/ark-invest-lays-out-timeline-for-bitcoin-to-reach-1m\">$1 million<\/a> mark in the next decade.<\/p>\n<p>According to a survey, major players in the industry remain bullish and <a href=\"https:\/\/u1f987.com\/en\/news\/cnbc-major-players-forecast-bitcoin-to-reach-100000\">foresee a rise to $100,000<\/a>. Analysts at Bank of America also <a href=\"https:\/\/u1f987.com\/en\/news\/bank-of-america-analysts-see-bitcoin-rally-continuing\">allowed for a continued rally<\/a> of digital gold.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price sits above an accumulation cluster of $16,000\u2013$25,000, where most coins have moved to buyers. On-chain indicators show the bear phase in Bitcoin&#8217;s market has ended, according to Glassnode.<\/p>\n","protected":false},"author":1,"featured_media":77409,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1273,1145],"class_list":["post-77408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-glassnode","tag-market-analysis"],"aioseo_notices":[],"amp_enabled":true,"views":"21","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=77408"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77408\/revisions"}],"predecessor-version":[{"id":77410,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/77408\/revisions\/77410"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/77409"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=77408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=77408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=77408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}