Bitcoin Is Down Bad, But Hasn't Yet Hit Its 'Ultimate Bear Market Bottom': Analysts

In brief

• Bitcoin’s “ultimate bear market bottom” is $55,000, according to a new report from CryptoQuant.
• The firm’s market indicator also sits above its “extreme bear” phase, which has typically marked the start of bottoming process.
• Bitcoin would need to fall another 21% to reach the “ultimate bear market” mark, per analysts.