Bitcoin May Be Approaching Accumulation Phase After Months of Selling Pressure

VanEck, a financial services company, believes Bitcoin may be nearing an accumulation phase after months of selling pressure. According to VanEck's analysis, eight out of 12 indicators designed to identify periods of severe market stress are currently flashing capitulation signals.

All 12 indicators have entered their respective capitulation zones during the past three months. Historically, Bitcoin's previous three major bear-market phases lasted an average of 12.7 months from the market peak to the maximum drawdown.

Bitcoin is now roughly 11 months removed from its October 2025 record high of around $126,300. The cryptocurrency has been trading between $58,000 and $66,500 since early June.

The growth of spot Bitcoin ETFs and the expanding institutional investor base could contribute to a shallower bottom than previous Bitcoin bear markets. However, VanEck notes that periods when eight to 12 capitulation indicators were active historically produced below-baseline returns over the following 90 and 180 days.