Bitcoin enjoys another advance bear-market bottom signal from an onchain metric, but analysis warns that BTC price action can still hit a deeper floor before reversing.

Bitcoin analysis says that just like previous bear markets, BTC will "likely bottom below" its realized price, currently near $53,000.

Ali Martinez says more than half of Bitcoin's circulating supply is now held at a loss,a rare on-chain signal that has historically appeared near major market bottoms. Meanwhile,…