Bitcoin hovered a little below 64800 on Thursday up about 1.2% over the past week as bulls attempted to push the crypto asset back above the key 65000 level. New data indicates that its current market structure closely resembles a period that changed the course of the cycle.
Spooky Cycle Echoes 🖤
Crypto analyst Ali Martinez said Bitcoin may have already formed its market bottom after a bullish divergence reappeared between BTCs price and Net Capital Flows. According to Martinez the last time the same divergence emerged it marked the cycle bottom before the crypto asset rallied from around 15000 to eventually reach 126000.
He said the SuperTrend indicator had flashed a buy signal too. Doctor Profit has repeatedly expressed a similar view on Bitcoins current price range suggesting the 64000-54000 range represents a buying opportunity rather than trying to time the precise low.
I wont be able to predict the EXACT bottom and everyone who claims he can is a liar. Im good at predicting regions and I appreciate your respect for that! My buying region indicates that this is the bottom region and Im preparing for that.
Last week Fidelity said its proprietary Yardstick metric had fallen to levels historically linked to undervaluation. The asset manager said similar readings have historically coincided with accumulation phases and relative market bottoms while adding that if the current cycle follows past trends October 2026 could become an important period for investors tracking Bitcoins long term cycle.
Skeptical Whispers In The Dark 🌑
But not everyone believes Bitcoin has found its bottom. CryptoQuants Julio Moreno for one stated that it is still too early to make that call. Moreno found that the Estimated Leverage Ratio on Binance has climbed to around 0.22 its highest level of the current cycle even as BTC continues to trade near 64000 and remains well below its previous highs. The metric compares futures open interest to the amount of the crypto asset held in the exchanges reserves. As a result a higher reading indicates greater leveraged exposure relative to the exchanges available BTC. According to Moreno leverage is built into the market making the cryptocurrency more sensitive to even small price swings. A similar pattern emerged during the 2022 bear market when the leverage ratio surged as Bitcoin approached its cycle low. That period witnessed sharp volatility and repeated liquidations with the market establishing a more durable base only after excess leverage had been flushed out. Moreno said the current setup shares similarities with that episode but warned that high leverage around the previous bottom was part of the instability not confirmation that the market had already turned. 🕸️ 🦇 👻 💀 🌙 🧛 🖤
Just another echo from the void by iconofsin.eth 💖
