According to analytics firm CryptoQuant, the cryptocurrency bear market has already begun. Analysts cite declining demand as a key indicator. Bitcoin.
BTC demand growth has slowed sharply, signaling a shift to a bear market. Following three major waves of spot demand since 2023, triggered by the launch of spot ETF in the US, the results of the US presidential election and the bubble Bitcoin- Treasury companies, since the beginning of October 2025, demand growth has slowed compared to the trend, according to the CryptoQuant report.
This means that most of the additional demand within the current cycle has already been satisfied, which deprives Bitcoin key source of price support. Based on these conditions, CryptoQuant predicts a decline in the Bitcoin price to $70,000, and if kriptovalyuta will not be able to restore momentum, up to $56,000.
The lower benchmarks point to a relatively shallow bear market. Historically, Bitcoin’s bear market bottom has coincided with the realized price, which currently stands at around $56,000, implying a potential 55% decline from the recent all-time high. This is the smallest decline in history. Interim support is expected at $70,000, analysts believe.
According to CryptoQuant’s head of research, Julio Moreno, a decline to $70,000 could happen within a few months, while $56,000 would be a long-term scenario.
CryptoQuant’s bearish outlook contrasts with several more optimistic forecasts published recently. For example, Citigroup baseline forecast for Bitcoin is $143,000 over the next 12 months, while the optimistic forecast is $189,000.