Analyst Gaah of CryptoQuant Quicktake stated that because the indicator has not climbed above zero, the bear market has not ended and no clear trend-reversal signal has emerged . The key conditions for a reversal, per CryptoQuant, are a bullish price pattern and the indicator breaking decisively above the neutral zone .

Wide Analyst Consensus — Bear Market Is Ongoing, Bottom May Be Months Away

A broad group of analysts shares a bearish near-term outlook, with many projecting the cycle bottom in the fourth quarter of 2026.

• Benjamin Cowen projected that Bitcoin's cycle bottom is still ahead. After a breakdown below a key cycle indicator in late May, Cowen placed a probability on a Q4 2026 trough, with October as his base case .
• Analyst NoName (NewsBTC) argued Bitcoin has entered the "final bear market phase" and, using historical phase lengths of approximately 350 days each, estimated the bear trend could end around October 2026, with a price floor between $47,000 and $51,000 .
• CryptoQuant's Julio Moreno earlier described BTC as being in a "clear bearish phase" with weak demand and liquidity indicators, warning that bottom formation could take months, not weeks, with support levels around $56,000 to $60,000 .
• Changelly reported market sentiment at just 26% bullish, with the Fear & Greed Index at 23 (Extreme Fear) as of June 21 .
• Veteran trader Peter Brandt reiterated in early June 2026 that he does not expect a tradable low until September–October 2026, with worst-case scenarios dipping into the high $40,000s to $50,000s .

Record 79% of Circulating Supply Held by Long-Term Holders — Minimal Selling Urgency

On the other side of the ledger, holder behavior is flashing a historically bullish structural signal.

K33 Research reported on June 17 that 79% of Bitcoin's circulating supply is now held by long-term investors (LTHs) — a record high . Only 218,421 BTC aged two years or more were reactivated by June 6, 2026, a very low level of old-coin spending that indicates holders refuse to sell at depressed prices .

K33's Vetle Lunde described these figures as historically consistent with the late-stage exhaustion phase of a bear market, where supply becomes increasingly locked up . By May, roughly 830,000 BTC had already moved from short-term to long-term wallets in one of the largest such shifts on record .

Mixed Outlook: Bottom Signals vs. Continued Weakness

The market is split between two camps, creating genuine uncertainty about the timing and depth of a potential bottom.

• Bearish / cautious camp: Analysts like Cowen and CryptoQuant see further downside ahead, with potential bottoms in Q4 2026 and price targets as low as $45,000–$60,000 . The Cycle Momentum indicator not yet reversing supports this view .
• Bottom-is-near camp: The record LTH supply (79%) and extremely low old-coin spending (218,421 BTC) are classic signs that selling pressure is nearly exhausted, often preceding a trend change . K33's interpretation leans constructive, describing the market environment as gradually turning more constructive .

Prediction markets (Polymarket, Kalshi) as of early June leaned toward continued near-term weakness, with a new all-time high in 2026 remaining an open but minority outcome . The overall picture is one of a market in deep bear territory with conflicting structural signals — record holder conviction on one side versus persistently negative momentum on the other.

Analyst Gaah of CryptoQuant Quicktake stated that because the indicator has not climbed above zero, the bear market has not ended and no clear trend-reversal signal has emerged . The key conditions for a reversal, per CryptoQuant, are a bullish price pattern and the indicator breaking decisively above the neutral zone .

Wide Analyst Consensus — Bear Market Is Ongoing, Bottom May Be Months Away

A broad group of analysts shares a bearish near-term outlook, with many projecting the cycle bottom in the fourth quarter of 2026.

• Benjamin Cowen projected that Bitcoin's cycle bottom is still ahead. After a breakdown below a key cycle indicator in late May, Cowen placed a probability on a Q4 2026 trough, with October as his base case .
• Analyst NoName (NewsBTC) argued Bitcoin has entered the "final bear market phase" and, using historical phase lengths of approximately 350 days each, estimated the bear trend could end around October 2026, with a price floor between $47,000 and $51,000 .
• CryptoQuant's Julio Moreno earlier described BTC as being in a "clear bearish phase" with weak demand and liquidity indicators, warning that bottom formation could take months, not weeks, with support levels around $56,000 to $60,000 .
• Changelly reported market sentiment at just 26% bullish, with the Fear & Greed Index at 23 (Extreme Fear) as of June 21 .
• Veteran trader Peter Brandt reiterated in early June 2026 that he does not expect a tradable low until September–October 2026, with worst-case scenarios dipping into the high $40,000s to $50,000s .

Record 79% of Circulating Supply Held by Long-Term Holders — Minimal Selling Urgency

On the other side of the ledger, holder behavior is flashing a historically bullish structural signal.

K33 Research reported on June 17 that 79% of Bitcoin's circulating supply is now held by long-term investors (LTHs) — a record high . Only 218,421 BTC aged two years or more were reactivated by June 6, 2026, a very low level of old-coin spending that indicates holders refuse to sell at depressed prices .

K33's Vetle Lunde described these figures as historically consistent with the late-stage exhaustion phase of a bear market, where supply becomes increasingly locked up . By May, roughly 830,000 BTC had already moved from short-term to long-term wallets in one of the largest such shifts on record .

Mixed Outlook: Bottom Signals vs. Continued Weakness

The market is split between two camps, creating genuine uncertainty about the timing and depth of a potential bottom.

• Bearish / cautious camp: Analysts like Cowen and CryptoQuant see further downside ahead, with potential bottoms in Q4 2026 and price targets as low as $45,000–$60,000 . The Cycle Momentum indicator not yet reversing supports this view .
• Bottom-is-near camp: The record LTH supply (79%) and extremely low old-coin spending (218,421 BTC) are classic signs that selling pressure is nearly exhausted, often preceding a trend change . K33's interpretation leans constructive, describing the market environment as gradually turning more constructive .

Prediction markets (Polymarket, Kalshi) as of early June leaned toward continued near-term weakness, with a new all-time high in 2026 remaining an open but minority outcome . The overall picture is one of a market in deep bear territory with conflicting structural signals — record holder conviction on one side versus persistently negative momentum on the other.