Bitcoin Bottoms at $58K, Say Analysts Check and Pandl

Bitcoin's decline to $58,000 may have marked the market's bottom, according to onchain analyst James Check and Grayscale Head of Research Zach Pandl.

CoinTelegraph highlighted their views in a post on X, citing Check and Pandl as both identifying the $58,000 area as a possible cycle low.

James Check characterized Bitcoin's decline toward $60,000 in February as a 'price-pain capitulation,' when investors who had purchased near the market peak sold at substantial losses. He identified a second period around $58,000 in June and July as a 'time-pain capitulation,' following an extended period of sideways trading.

CoinTelegraph reported that Check estimated approximately $300 billion in Bitcoin cost basis was concentrated between $58,000 and $70,000. He also said about 4 million BTC moved from an unrealized loss into profit during the subsequent recovery.