Analysts say that while Bitcoin prices have hit new highs, 2025 is actually a "hidden bear market."

According to Odaily Planet Daily, crypto analyst Plan C stated in an article on the X platform that although Bitcoin reached an all-time high in USD terms in 2025, it was actually in a downtrend by the end of the year. Furthermore, Bitcoin's price traded sideways around $100,000 for most of the year, significantly underperforming assets like silver, gold, and the S&P 500. Therefore, even though most people would consider 2025 a bull market according to the classic definition, it should essentially be considered a "hidden bear market."