According to ChainCatcher, CryptoQuant said Bitcoin could form a bottom near approximately $53,600. This 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 previous major bear market cycles, Bitcoin has often bottomed near the realized price or slightly below that level.
The report also pointed to Bitcoin’s recent price action. Bitcoin had earlier fallen to a bear-market low of about $59,000, placing it only around 9% above the $53,600 realized price. After that decline, Bitcoin rebounded to roughly $62,150. In CryptoQuant’s framework, the realized price remains an important on-chain reference for assessing the current bottom area.
However, CryptoQuant emphasized that Bitcoin’s demand environment is still “extremely unfavorable.” The report stated that a true bull-market recovery would require a clear improvement in demand, and current on-chain data has not yet shown that this condition has emerged. As a result, while the $53,600 realized price is being watched as a bottom reference, the demand side remains central to judging whether a sustained recovery is in place.