Bitcoin's Final Bear Leg May Be Near as $35,000 Looms

Bitcoin's final bear leg may be nearing its end, but a look at history and on-chain data paints two different pictures. Historically, Bitcoin has seen significant price drops before major rallies, with prices falling to around $35,000 during the last bear market.

This time around, on-chain data suggests that there may not be as much selling pressure as expected. According to various analysts, the amount of BTC being held in wallets is at an all-time high, indicating a strong level of HODLing (holding on for dear life) among investors.

However, some experts warn that this could also mean that there are fewer buyers left to drive up prices when the market finally bottoms out. 'If $35,000 becomes the new support level, it would be a very bearish sign,' said one analyst, noting that this could lead to even lower prices in the future.