Bitcoin's price action over the past week has been under pressure, falling from around $77,000 to approximately $73,140. The crypto asset experienced several sharp declines during the period, including a notable drop near $72,600 on May 28.
The latest price action suggests that the bear market remains unfinished and that deeper losses may lie ahead before recovery begins. Analyst Doctor Profit believes that Bitcoin is still in the later stages of a bear market, which could lead to further declines before recovery begins.
According to Doctor Profit, the market's broader structure has not changed, and Bitcoin is progressing through the later stages of a bear market. He identifies this stage as being characterized by exhaustion, sideways trading, and growing frustration among market participants.
The analyst expects Stage 5, which he calls the true capitulation phase of the cycle, to begin once Bitcoin falls below $60,000. A break of that level is expected to accelerate panic across the market and trigger a more severe downturn.