CryptoQuant's lead analyst, Julio Moreno, has declared that Bitcoin is now in a bear market. This conclusion is based on Bitcoin's sustained performance below its 365-day moving average, a historically bearish indicator. Moreno cautions that recovery from this level is challenging, requiring a significant shift in market demand, overall sentiment, and capital inflows. He identifies potential downside targets for Bitcoin at $92,000 and then $72,000. While acknowledging the grim outlook, Moreno remains open to revising his assessment if data trends show substantial positive change. Investors and traders should closely monitor market indicators to assess potential shifts in Bitcoin's trajectory. This analysis serves as a crucial insight for navigating the current volatile cryptocurrency landscape. ```