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Bitcoin may have already formed the bottom of this cycle after one round of investor capitulation when it fell to around $60,000 in February and another near $58,000 in June and July following months of sideways trading, Checkonchain founder James Check said, according to Cointelegraph.
Check said roughly $300 billion worth of Bitcoin was concentrated in the $58,000-$70,000 cost-basis range for buyers, and about 4 million BTC later shifted from unrealized losses into profit. He stressed that investor cost basis, profit-and-loss conditions, and accumulation and selling by long-term holders matter more than a four-year cycle.