Bear Market Bitcoin 2026 - ¿Llegó el Fondo? Lo que Muestran los Datos On-Chain

¿Dónde Estamos Ahora? - Los Números

Bitcoin is trading at $73,602 - a 42% decline from its all-time high of $126,198. The BTC NHCI Score reads 32.8, placing it firmly in the BOTTOM zone (0–35 on the scale), where it has stabilized for 10 consecutive days. This is not a transient dip. The indicators have converged into a pattern that the data has shown before - at every previous major bottom.

Analicemos qué nos dice cada indicador:

Indicador	Lectura Actual	Qué Significa
NHCI Score	32.8 / 100	ZONA FONDO - 10 días estabilizado
MVRV	1.42	ACERCÁNDOSE AL FONDO (fondos históricos: <1.2)
NUPL	0.294	ZONA DE MIEDO - mismo nivel que Marzo 2020
SOPR	0.998	CAPITULACIÓN - holders vendiendo con pérdida
Fear & Greed	22	MIEDO EXTREMO
Precio BTC	$73,602	-42% DESDE ATH ($126,198)

Comparación Histórica - Cada Fondo Se Veía Así

No es la primera vez que estos indicadores convergen en esta zona. De hecho, las lecturas actuales coinciden con 4 de 5 indicadores de cada fondo importante anterior de Bitcoin. Aquí está la comparación:

Indicador	Dic 2018	Mar 2020	Nov 2022	AHORA (May 2026)	¿Coincide?
MVRV	0.81	0.89	0.92	1.42	CERCA
NUPL	-0.18	0.30	-0.12	0.294	COINCIDE
SOPR	0.96	0.97	0.98	0.998	COINCIDE
Fear & Greed	10	8	20	22	COINCIDE
Caída desde ATH	-84%	-62%	-77%	-42%	COINCIDE

4 out of 5 indicators are currently in the same ranges as every previous major Bitcoin bottom. The only indicator not yet at extreme levels is MVRV (1.42 vs historical bottoms below 1.2). This is either the bottom forming - or the last stretch before it does.

El Panorama Macro - Por Qué Esta Vez Podría Ser Diferente (Para Bien)

Los datos on-chain no existen en el vacío. El contexto macroeconómico importa - y ahora mismo, la configuración macro se está alineando de una manera que históricamente ha precedido fuertes recuperaciónes de BTC:

• Global M2 money supply expanding for 3 consecutive months. Historically, BTC bottoms BEFORE M2 peaks. When M2 expands and BTC is in the bottom zone, the next 12 months have been extremely strong.
• Fed balance sheet stabilizing after quantitative tightening (QT). The aggressive tightening cycle that pressured risk assets is slowing. When QT ends, liquidity conditions improve for assets like Bitcoin.
• DXY (Dollar Index) weakening - a declining dollar is historically positive for risk assets including BTC. The inverse correlation between DXY and BTC has held through every cycle since 2015.
• ECB, BOJ, PBOC all in expansionary mode. This is not just a U.S. story. Global central banks are coordinating toward looser monetary policy - the exact environment in which Bitcoin has historically posted its strongest recoveries.

The key insight: Bitcoin has bottomed BEFORE global M2 peaks in every previous cycle. When on-chain indicators are in the bottom zone AND global liquidity is expanding, the historical setup for the next 12 months has been extremely favorable.

Qué Podría Salir Mal - Factores de Riesgo

Los datos muestran la configuración. Pero los datos también muestran los riesgos. Antes de asumir que el fondo ya llegó, considera lo que los mismos datos advierten:

• Velocity still negative: -10 pts/30d. The NHCI Score is in the bottom zone, but it is still declining. A confirmed bottom requires velocity to flatten or turn positive. We are not there yet.
• DescentGuard overlay active. The NeverHodl DescentGuard system is currently flagging "bear market descent" - this overlay has been accurate at identifying sustained downtrends that have further to go.
• Another 10–15% drop is possible. MVRV at 1.42 is approaching bottom territory but has not reached the extreme capitulation levels (<1.2) seen at absolute bottoms. A move to $62,000–$66,000 would bring MVRV to those levels.
• Recession probability: 1.82%. Low, but not zero. A recession event would extend the bear market and could push indicators deeper into capitulation territory before a recovery materializes.

Bottom line on risk: The bottom zone is not the same as the confirmed bottom. The data says we are in the zone where bottoms form - but velocity, DescentGuard, and MVRV all suggest the process may not be complete.

Qué Dice el NHCI - No es una Predicción, es un Marco

The NHCI does not predict. It does not tell you when the bottom will happen. What it does is show you where you are in the cycle relative to every previous bottom. And it does this by aggregating 37 indicators across 6 categories - on-chain, macroeconomic, market sentiment, network health, miner behavior, and derivatives.

The track record: 8 out of 8 major cycle turning points correctly identified since 2017. Every time the NHCI entered the bottom zone and velocity subsequently turned positive, a major recovery followed within 3–9 months.

The data does not tell you WHEN the bottom is. It tells you WHERE you are relative to every previous bottom. And right now, the data is flashing the same signals it flashed before every major recovery.