Odaily reported that CryptoQuant said Bitcoin may form a bottom near approximately $53,600. That level is the current realized price of Bitcoin, defined in the report as the on-chain average cost basis of all market participants. CryptoQuant noted that during major past bear-market cycles, Bitcoin has typically bottomed around its realized price or slightly below that level.
Realized price and the recent bear-market low
According to the report, Bitcoin previously fell to around $59,000, marking a new bear-market low. That price was only about 9% above the $53,600 realized price. Bitcoin later rebounded to around $62,150. CryptoQuant framed the distance between the recent low and realized price as an important reference point for assessing where the market stands relative to the average on-chain cost basis.
However, CryptoQuant also emphasized that Bitcoin’s demand environment remains “extremely unfavorable.” The report said that a genuine bull-market recovery requires a clear improvement in demand, and current on-chain data has not yet shown that this condition has appeared. In other words, while the realized-price zone has historically been associated with major bear-market bottoms, the demand side has not yet provided confirmation of recovery.