Bitcoin traders are warned by CryptoQuant that the bottom for BTC has not been reached yet, with the true bottom projected to be around $55,000. The firm’s report indicates that the bear market bottom takes time to form and historically, the realized price has been a major price support area in previous bear markets. Despite this, BTC has seen a 1.6% increase in the last 24 hours, trading at around $69,724, a 27% drop in the last 30 days and nearly 45% from its October all-time high of $126,080.

Standard Chartered predicts that Bitcoin will drop to $50,000 and Ethereum will hit $1,400 before any rebound. Other analysts note BTC’s lack of near-term catalysts and structural weakness, pointing towards a potential drop towards its 200-week moving average around $58,000. Predictors on Myriad also anticipate Bitcoin to drop to $55,000 before climbing to $84,000.

Read more at Yahoo Finance: Bitcoin Is Down Bad, But Hasn’t Yet Hit Its ‘Ultimate Bear Market Bottom’: Analysts