A Bear Market describes a cryptocurrency market where declining prices are the trend.
Prices decline for a prolonged period and investors and traders believe that prices will continue to do the same.
Trader confidence is low in that prices will maintain or increase.
In traditional finance, a drop of 20% or more from the recent high is considered a bear market.
In crypto, bear markets usually follow bull markets that have come to their end, triggered by any collection of things, like a multi-million dollar hack of a centralized cryptocurrency exchange (CEX), a drop in the equities markets, regulatory discussions about banning crypto, or even a tweet by Elon Musk.