According to on-chain indicators reviewed by analysts at the crypto exchange Bitfinex, bitcoin (BTC) still has some way to go before it bottoms out in this bear cycle.
The latest Bitfinex Alpha report revealed that the leading digital asset could decline further into the $40,000s by the end of this year as more investors exit the spot market.
A Possible Drawdown Into the $40Ks
In past market cycles, BTC has always declined at least 70% from its all-time highs (ATHs) before bottoming out and recovering. During the 2022 bear market, BTC fell 78% from $69,000, while in 2018, it plummeted 86% below cycle highs near $20,000.
Based on previous drawdown patterns and the time horizons between tops and bottoms, BTC is likely to extend its ongoing decline into the $40,000s. The asset is currently 53.9% down from its ATH of $126,000; dropping into the $40,000s will bring the decline to at least 68%. Additionally, analysts believe BTC could reach its bear-cycle bottom in the fourth quarter of 202
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