Bitcoin (BTC) reached its all-time high of $126,000 at the beginning of October. This was followed by one of the biggest cryptocurrency crashes in history, the October 10th drop.
Following this crash, Bitcoin entered a downtrend, and last week it tested the $60,000 level.
At this point, while predictions that $60,000 could be the bottom in the market are increasing, some analysts predict that Bitcoin is in a bear market and may experience further declines.
According to CNBC, Wolfe Research analysts said that despite Bitcoin falling by 50%, there is a possibility of further declines.
Wolfe Research, in its latest analysis, argues that Bitcoin reached its cycle peak in October at $126,000 and is currently in a bear market.
Bitcoin fell more than 50% from its October peak, dropping as low as $60,000, before rising back to around $72,000. However, it struggled to maintain its momentum.
Wolfe Research warns that the decline may not be over yet. They also believe Bitcoin is following its four-year historical cycle.
At this point, analysts pointed out that historical four-year bear market cycles have brought an average drop of 75%, suggesting that this rate could bring BTC down to $30,000.
