Bitcoin Price Reaches New Heights Amid Bear Market Concerns

Bitcoin's price has continued to recover in recent days, reaching $80,407 as of May 9th. According to analysts at Checkonchain, this may be a sign that the bear market has finally bottomed out. Their Mean Reversion Index, which combines nine valuation models, hit a Q10 reading at the lows - historically a 90% probability bottom signal.

The report also noted that 24.6% of the Realized Cap is now between $54,000 and $75,000, close to the 25% level that has historically marked bottoms in 2018 and 2022. This suggests that investors may be holding onto their Bitcoin, rather than selling it at a loss.

However, not all analysts are convinced that the bear market is over yet. CryptoQuant contributor Burak Kesmeci noted that $88,000 remains a key resistance level for Bitcoin, and only a settlement above it would signal a trend reversal.