Some people are asking if Bitcoin is entering another bear market.

Right now, about 40–45% of Bitcoin holders are holding at a loss. This means many people bought at higher prices than where BTC is today.

In past cycles, this level usually showed up early in bear markets.

But the real market bottoms normally came later, when more than 50% of holders were in loss.

So this could be a warning sign, but historically the market needed even more pain before the true bottom formed.

$BTC ‌