Bitcoin Enters Late-Stage Bear Market Phase, Down 50% From $126,100 High

Real Vision's chief crypto analyst Jamie Coutts stated that Bitcoin may be entering the late stage of the current bear market cycle. BTC has declined roughly 50% from its October 2025 peak of $126,100, though downward momentum has begun to weaken. Coutts described the current trend as a "typical bear market" with volatility down about 50% compared to the previous cycle, suggesting the current decline may be less severe than prior bear markets.

Coutts projects Bitcoin could reach $200,000 to $250,000 over the next two to three years. However, he cautioned that all major trend indicators remain significantly bearish, noting that longer-term momentum indicators are showing early signs of bullish divergence despite Bitcoin not yet breaking out of the bear market technically.