According to CoinMeta, analysis indicates that Bitcoin ( BTC ) has fallen to its production cost range, a level that is historically considered the bottom of a bear market. The price of BTC has been hovering between $63,000 and $64,000, and it has dropped by nearly 50% since hitting a record high in 2025. Analysis suggests that Bitcoin may enter the next bull market in the future, mainly influenced by the following factors: First, liquidity is shifting from the crypto market to the stock market, especially into AI stocks. Second, the inflation rate is gradually declining, which could prompt the Federal Reserve to lower interest rates and boost investor confidence. Finally, the war between the United States and Iran may be coming to an end, and President Trump hopes to reach a peace agreement, which would help stabilize oil prices and enhance investor confidence.