Data: The bottom for Bitcoin may be around $53,600, with demand still noticeably weak

CryptoQuant indicates that Bitcoin may form a bottom around $53,600, which is the current realized price of Bitcoin, or the on-chain average cost basis for all market participants.

The report points out that during previous major bear market cycles, Bitcoin typically bottoms out near or slightly below the realized price. Currently, Bitcoin previously fell to a bear market low of about $59,000, which is only about 9% away from the $53,600 realized price, and then rebounded to around $62,150.

However, CryptoQuant emphasizes that the demand environment for Bitcoin remains "extremely unfavorable," and a true bull market recovery requires a significant warming of demand, while current on-chain data has not yet shown that this condition has been met.

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