Analyzing bear cycles in BTC involves a combination of historical analysis, technical indicators, and fundamental factors.

Bitcoin Realized Price is a metric used to measure the average value at which users have acquired bitcoin.
Unlike market price, which represents the current price at which bitcoin is trading on exchanges, realized price reflects the weighted value based on the purchase price of all coins in circulation.

Puell Multiple is an indicator used in bitcoin price cycle analysis, specifically to assess miners' profitability and the potential overvaluation or undervaluation of the BTC price at a given time.
It is the ratio of the daily issue value (in USD) to the 365-day moving average of the daily issue value.
This indicator compares miners' daily earnings to their long-term average, providing insight into market phases and potential reversal points.

MVRV (Market Value to Realized Value) is a key indicator used to assess whether bitcoin is overvalued or undervalued at a given time, by comparing its market value to its realized value.
It is particularly useful for identifying extremes in market cycles, both at bullish peaks and bearish troughs.

Bitcoin Net Realized Profit/Loss (NRPL) is an on-chain metric that calculates the difference between net realized profits and losses on the Bitcoin network over a given period of time.
This metric helps assess investor behavior and suggests when they are selling at a profit or loss, which can offer clues about market sentiment and potential turning points in BTC cycles.