Bitcoin is expected to hit the bottom around $53.6k, according to analysts at CryptoQuant. They estimate that this is the current realized price, which historically marks the lows of bear markets. Meanwhile, demand for Bitcoin remains extremely low, and a recovery is necessary for a bull market, as stated in the analysts' review.
On June 5th, Bitcoin dropped to a local low of around $59k, and by the morning of June 11th, it had bounced back to $62.6k. This is 14% above the average purchase price of BTC for current holders, which sits at $53.6k, according to CryptoQuant. The company notes that historically, bear market lows in previous cycles have occurred at or just below the realized price.
More details on RBC:
https://www.rbc.ru/crypto/news/6a2a5ffa9a794792d6ebba33?from=copy#HormuzOilFlowsSurge50Percent $BTC
On June 5th, Bitcoin dropped to a local low of around $59k, and by the morning of June 11th, it had bounced back to $62.6k. This is 14% above the average purchase price of BTC for current holders, which sits at $53.6k, according to CryptoQuant. The company notes that historically, bear market lows in previous cycles have occurred at or just below the realized price.
More details on RBC:
https://www.rbc.ru/crypto/news/6a2a5ffa9a794792d6ebba33?from=copy#HormuzOilFlowsSurge50Percent $BTC