By Bardil 
A leading researcher from Coinbase has cautioned that indicators of a prolonged crypto bear market are beginning to surface. DAVID DUONG, the Global Head of Research at Coinbase, highlighted in a recent analysis that both Bitcoin (BTC) and the Coinbase 50 Index (COIN50) have fallen below their 200-day moving averages (MA), signaling potential long-term bearish trends.
“As Bitcoin’s role as a ‘store of value’ continues to grow, we believe a comprehensive assessment of the crypto market’s overall activity will be essential to better define bull and bear markets for this asset class, especially given the increasing diversity in its expanding sectors,” Duong stated. “Nevertheless, the recent breaches below the 200-day MA for both BTC and the COIN50 index suggest potential long-term bearish trends in the broader market. This aligns with the decline in the total crypto market capitalization and reduced venture capital funding, which are key indicators of a potential ‘crypto winter.’”
Duong added that if a bear market does materialize, a bullish reversal could begin to take shape between July and September of 2025. “We recommend adopting a defensive stance on risk for the time being. However, we still believe that crypto prices may find their floor in mid-to-late Q2 2025, setting the stage for a stronger Q3 2025,” he noted.
The analysis underscores the need for investors to remain cautious as the market navigates these uncertain conditions.
Sources: Coinbase Research