The first quarter (Q1) of 2025

The initial months of Donald Trump’s second presidency haven’t gone as many had hoped. Analysts have shifted from targeting $800,000 for Bitcoin (BTC) to questioning if a cryptocurrency bear market has begun.

Unfortunately for bullish investors, indicators suggesting that BTC may be entering another ‘crypto winter’ have emerged, according to prominent on-chain analyst Ali Martinez.

Why Bitcoin may be entering a new bear market

Martinez indicates that Bitcoin is likely experiencing a macro trend shift, as evidenced by the Inter-Exchange Flow Pulse, Market Cap to Realized Cap (MVRV) Ratio, and the Market Cycle indicator. He shared these insights in a detailed X thread on March 18.

However, there remains hope, given Bitcoin’s historical trends, suggesting it could find its cycle peak later this year—12 to 18 months after its April 2024 halving. Currently, Bitcoin is trading at $84,935.

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