IMO there are 4 bitcoin bear market scenarios:
1) -80% from ATH $126k => $25k
2) down to 200w MA / realized price => $50k-60k
3) down to just above previous ATH => $70k
4) yesterday's $72.9k was the bottom

I discuss these scenario's in my new video:
👉 …

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Spot BTC volumes remain structurally weak, with the 30D average still depressed despite BTC rolling over from $98K to $72K. This reflects a demand vacuum, where sell-side pressure isn’t being met by sustained absorption.