en.bitcoinsistemi.com
The downward trend in Bitcoin, which began with a sharp move in October, is still continuing into the final days of 2025.
Although it was thought that this decline might be temporary and that an uptrend would occur in the coming months, a strong recovery has not been achieved in the last three months.
This situation fuels bearish rhetoric, and a CryptoQuant analyst also stated that a key indicator points to a potential bear market.
According to CryptoQuant analyst Woominkyu, the Bitcoin Composite Market Index (BCMI) experienced a significant drop and returned to the 0.5 region.
According to the analyst, this decline in the BMCI index suggests the market may be entering a bear market phase rather than simply experiencing a correction.
The analyst stated that the BCMI returning to 0.5 on October 21 was initially interpreted as a market cooling/correction period, but the significant drop in BTC price and further decline in the index indicate a different scenario at this stage.
At this point, the analyst noted that the decline in the BCMI index coincided with a drop in the Bitcoin price, weakening on-chain momentum and indicating that the market was entering a structural reset phase.
The analyst stated that these signs, when considered together, could signal a bearish outlook.
Finally, the analyst noted that the cycle lows in 2019 and 2023 occurred when the BCMI reached the 0.25-0.35 range, pointing out that the BCMI index is still higher than these levels.
According to the analyst, this level tells us that Bitcoin is about to enter a bear market phase. In this context, the analyst concludes that if history repeats itself, the market bottom can only be formed after the BCMI falls to these levels, and warns against a possible start of a bear market.
*This is not investment advice.