Analysis: The "time pain" of the Bitcoin bear market may continue for several months, and the bottom may be approaching.

The Bitcoin bear market has lasted for nearly six months, and analysts believe the market may be entering a "time pain" phase. Prolonged sideways movement rather than a sharp decline has left both bulls and bears exhausted due to a lack of direction. Glassnode analysis points out that long-term Bitcoin holders (those who have held their coins for more than six months) currently account for about 80%, slightly lower than the 85% level at the bottom of previous bear markets. This suggests that the Bitcoin bear market may be nearing its bottom, but it may still require several months of "boring" sideways consolidation to form true support. Note: "Time Pain" is a term used to describe market psychology and price movement, contrasted with the more common "Price Pain." (CoinDesk)