Bitcoin Cycle Bottom May Have Been Established at $58,000: Analysts

Bitcoin's cycle bottom may have already been established at $58,000, according to James Check, founder and lead analyst at Checkonchain. In an appearance on Cointelegraph’s Proof of Thesis show, Check argued that recent shifts in investor behavior indicate the market has absorbed much of its selling pressure.

The analysis comes after two significant capitulation events this year: a price-pain capitulation event in February and another in June and July at around $58,000. Check explained that roughly $300 billion in Bitcoin cost basis was clustered between $58,000 and $70,000, with about 4 million BTC shifting from unrealized losses to profits following the rebound.

Check also highlighted the psychological impact of duration over price in triggering capitulation, stating, 'What's the difference between $58,000 and $59,000 or $60,000? Nothing. It’s the six months that separated them. That’s the actual difference.'

Zach Pandl, head of research at Grayscale, reached a comparable conclusion in a recent interview on Cointelegraph’s Trade Secrets, suggesting that prices bottomed back at $58,000 at the end of June.