Metric suggests Bitcoin has been in a bear market for 2 months

Based on Bitcoin's realized price and past performance, CryptoQuant’s Julio Moreno predicts that Bitcoin will bottom around $56,000 to $60,000 in 2026.

Bitcoin may already be two months into a bear market, according to certain metrics such as the one-year moving average, saysCryptoQuant’s head of research.

During an episode of the Milk Road show on Thursday, CryptoQuant’s Julio Moreno said most of the metrics he uses for the bull score index turned bearish in early November and have yet to recover.

The index measures market conditions using indicators like network activity, investor profitability, Bitcoin demand, and liquidity, and ranges from 0 to 100.

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