Bitcoin Bear Cycle Not Confirmed Unless $94K Is Lost – CryptoQuant CEO Explains

Bitcoin's recent decline below $100,000 has sparked significant anxiety in the cryptocurrency market, with current trading around $97,000. This drop is particularly concerning as it follows a previous peak of $126,000. Analysts, including the CEO of CryptoQuant, emphasize that a bear market will only be confirmed if Bitcoin falls below $94,000. Additionally, the Bitwise CEO noted that Bitcoin's price movements suggest a potential six-month bear market, intensifying fears among investors. The formation of a bullish wedge pattern, as reported by CoinDesk, indicates that while the market is under pressure, there may still be opportunities for recovery if key support levels hold.