Bitcoin is in the early stages of a bear market, expected to persist until 2026, according to CryptoQuant's Head of Research, Julio Moreno. Speaking with BeInCrypto, Moreno highlighted weakening demand as a key factor, with on-chain metrics indicating a downturn since November 2025. He anticipates prices will continue to decline, with no new all-time highs expected in the near future. Moreno noted a structural contraction in Bitcoin demand, particularly from exchange-traded funds (ETFs), which have shifted from net buyers to net sellers since early November. This shift, coupled with reduced institutional demand, has increased the risk of forced selling by companies holding Bitcoin as a treasury asset. Moreno warns that without a recovery in demand, Bitcoin could bottom out at $56,000, emphasizing the need for caution until market conditions improve.