Bitcoin Bottom In? Two Analysts Agree from Different Angles
Two independent analysts have concluded that the Bitcoin (BTC) bottom is in. Charles Edwards, founder of Capriole Investments, and an analyst known as Root both reached this conclusion using different methods.
Edwards tracks stablecoin liquidity through his Market Hedge Ratio, which measures the USDT/BTC market cap ratio over a rolling 30 days. This ratio fell to -20.42%, touching the -20.78% threshold marked on Edwards' chart. A falling ratio indicates capital rotating out of stablecoins and into Bitcoin.
Root, who publishes at Bitcoin Strategy, reached the same conclusion from price structure alone. His chart tracks the moment price reclaims the 200-day average, the 21-week average, and the short-term holder cost basis. The current breakout arrived 1,314 days after the 2023 signal, about 65 days ahead of that rhythm.
Both analysts argue that conditions defining a bear market have stopped being present, but neither predicted a bull run. Edwards set an explicit invalidation: the signal holds only until the ratio flips red. His stated horizon runs weeks rather than months.