Bitcoin Bear Market Pattern Observed Amid Short-Term Holder Losses

Bitcoin is exhibiting a typical bear market pattern, according to a crypto analyst. According to NS3.AI, short-term holders with an average cost basis around $86,000 are selling at a loss. The Short-Term Holder Spent Output Profit Ratio is consistently fluctuating below one, indicating that these investors are selling near their purchase price at a loss. The analyst suggests that a bullish signal might emerge if these holders begin to view their cost basis as a dip-buying opportunity, even if it does not initially feel like a bull market.