According to CryptoQuant's analysis, Bitcoin entered a bear market in November 2025, with a predicted bottom of $56,000 to $60,000. Decreased demand, especially as ETFs shift to net sellers, impacts market trends. The future will face two phases, first the $70,000 support zone, and if there is no rebound, further decline may occur, with a bottom possibly seen in the second half of 2026. Investors should stay vigilant and be prepared for potential market volatility.