Bitcoin Cycle Bottom May Already Be In at $58K

Bitcoin's cycle bottom may have already been established at $58K, says James Check, founder and lead analyst at Checkonchain. According to Check, two capitulation events in Bitcoin's price have led him to believe that the market has absorbed much of its selling pressure.

Check pointed out that the February decline towards $60,000 was a 'price-pain capitulation,' where investors who bought near the top sold at substantial losses. He also identified a second 'time-pain capitulation' around $58,000 in June and July, following months of sideways price action.

'What's the difference between $58,000 and $59,000 or $60,000? Nothing,' Check said. 'It's the six months that separated them. That's the actual difference.'