PANews reported on February 15th that, according to an analytical model released by CryptoQuant analyst Darkfost, an indicator built on Bitcoin's four-year simple moving average (SMA) has entered bear market territory. This indicator measures Bitcoin's valuation using standard deviation and SMA multiples: a higher multiple indicates a deeper overbought condition, while the closer the price is to the four-year SMA, the lower the valuation.

Bitcoin's current price has fallen back into the green zone and is approaching its four-year SMA level, which is currently around $57,500. Historically, this level has often marked the final stage of each bear market, with BTC prices tending to consolidate in this area for several months. Darkfost states that it generally does not favor moving average-based models but believes the indicator is worth paying attention to.