Bitcoin's current bear market has erased about 54% from its October 2025 peak near $125,000, a shallower decline than the 75% to 90% drawdowns that closed out previous cycles, according to a Bernstein.
The foremost cryptocurrency retested recent lows around $60,000 before bouncing to roughly $63,000, analysts led by Gautam Chhugani wrote in a note to clients on Monday. According to The Block’s bitcoin price page, (BTC) was trading around $62,600 on July 6.
Bernstein framed the milder correction as a sign that crypto is maturing, while cautioning that it is unclear whether the market is fully clear of the downturn.
The drawdown has run three quarters from the cycle top, short of the 12 to 15 months that historical corrections have typically lasted, the note said.
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