According to CoinMeta, data from CryptoQuant shows that the Bitcoin SOPR indicator has remained above 1 for three consecutive weeks since August 19th, with the current reading being around 1.002. Checkonchain indicates that the current on-chain structure is approaching the early recovery phase of a bull market. ARK Invest, a portfolio manager, believes that there is still downside risk for Bitcoin prices. SOPR states that it will take longer for the indicator to remain above 1 and for higher highs and lower lows to be formed before sufficient evidence can be provided for the end of a bear market.