Analyst: Bitcoin has signaled entry into a bear market

Bitcoin has officially entered a bear market phase, according to an analysis by well-known market analyst PlanB. He noted that the BTC/USD monthly candle for January closed at $78,635, a 38% decline from its all-time high. PlanB stated that the Relative Strength Index (RSI) has fallen below 50, which he identifies as a formal signal for a bear market. He also pointed out that the 200-week Exponential Moving Average (EMA) and the realized price are gradually declining to $58,000 and $55,000, respectively. Based on historical trends, PlanB suggested that Bitcoin could fall further to these levels. However, he added that since the recent bull market showed relatively weak bullish signals, the corresponding bear market might also be limited in scope.