On-chain analytics firm CryptoQuant argues Bitcoin may still be searching for its cycle low, estimating an “ultimate bear market bottom” near **$55,000**.

### The reasoning

CryptoQuant points to the **realized price**—an average cost basis metric—as a level that has historically acted as strong support in previous bear markets.

The firm notes that in prior cycles, once price reaches this area it often trades around the level for months as a bottom forms.

### Indicator status

CryptoQuant also said its bull/bear market cycle indicator is in a “bear” phase but not yet in an “extreme bear” phase that has typically aligned with the start of the bottoming process.

### What to watch

- Realized price and cost-basis levels as potential support bands.

- Market catalysts (macros, liquidity, regulation) that could shift sentiment.

Source: Decrypt