Bitcoin (BTC) Price Has Yet Breached the Historical Bear Market Boundary, Here's What On-Chain Data Says

Bitcoin has gone through a major crash recently, but has the asset yet breached the historical bear market boundary? Here's what on-chain data says.

Bitcoin’s (CRYPTO: BTC) recent price crash has been able to largely spare the asset from breaching a key technical boundary that has historically signaled the onset of bear markets for the coin.

According to a new analysis from CryptoQuant, BTC still trades at a premium over the Realized Price of Miner Whales, which currently sits at $45,000.

This level has served as a crucial support for Bitcoin in the past few years. Notably, the last few times the asset closed below this metric were during bear markets in November 2018 and May 2022.

Here is a chart that shows the trend in the Realized Price for some major cohorts in the Bitcoin market:

Realized Price Of Different Key Bitcoin Cohorts. Source: CryptoQuant

As you can see from the above chart, BTC also briefly dipped below the Miner Whales’ cost basis during the COVID crash in March 2020, before quickly bouncing back up.

This time around, Bitcoin has managed to stay above the metric despite crashing by over $10,000 in a single day. Could this be a sign that the bear market isn’t here yet?

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