Bitcoin Price Recovery May Not Be the Final Bottom

The Bitcoin price has recovered significantly from its July low of $57k, and some market participants are even calling for a reclaim of $100k by the end of October. However, according to a recent Glassnode report, this may be too optimistic.

Historically, Bitcoin's cycle bottoms have seen drawdowns of over 80%, but the current correction is only around 30% below its cycle high. This suggests that the bottom may not be in yet, and another 90 days could be needed before $BTC reaches a potential cycle low.

This challenges the idea that the market has already priced in the bottom too early. The current setup could point to a mid-Q4 bottom, followed by a potential year-end rally if conditions hold.