Bitcoin’s choppy price action in recent weeks might be a sign that the bull market has run its course, with analysts at onchain research firm CryptoQuant noting that bitcoin demand has decisively slowed.

“Bitcoin’s demand boom is fading. This cycle ran on three spot demand waves, and the latest one looks like it’s rolling over,” said CryptoQuant.

This story is an excerpt from the Unchained Daily newsletter.

According to analysts, three major spot demand waves fueled bitcoin’s rally since 2023: the U.S. spot bitcoin exchange-traded funds (ETFs) launching, the U.S. presidential election outcome, and bitcoin treasury companies. Now, analysts say these catalysts have largely played out, removing key price support as incremental demand fades.

CryptoQuant’s potential downside targets for bitcoin include intermediate support at $70,000 and a realized price bottom around $56,000. Still, the implied 55% correction from recent highs would be the smallest on record for a bear market.

As of Sunday evening, bitcoin was trading at $88,913, relatively flat over 24 hours, but down 29% since its all-time high of $126,198 in October.