Analyst: BTC remains in bear market with potential for further decline

CryptoQuant contributor Zizcrypto said on X that Bitcoin has fallen approximately 39% in the 205 days since its last all-time high. The analyst noted that bottoms in previous cycles were formed after much deeper declines, such as 86% in 2015, 83% in 2018, and 76% in 2022. Zizcrypto concluded that the current drop is limited compared to past capitulation phases, meaning a further decline cannot be ruled out and a discrepancy with historical cycles remains.