Bitcoin Bear Market Signal Flashes as Cost Basis Crossover Appears

CryptoQuant's on-chain data suggests that Bitcoin may be nearing the end of its bear market.

The analytics platform shared charts showing the cost basis of short-term and long-term holder wallets for Bitcoin, revealing a crossover between the two groups.

This 'end-of-bear-market' signal has previously appeared near the end of bear markets, with such conditions typically indicating that the worst of the downturn is behind us.

The cost basis of short-term holders, which have held Bitcoin for less than six months, has fallen from $112,500 to around $69,000, implying recent buyers have continued to purchase the asset at lower prices throughout the downturn.