Bitcoin's $57K Bottom: Is the Market Too Optimistic?

The cryptocurrency market is growing bullish about Bitcoin's (BTC) recent recovery from its July low of $57k, with some traders even calling for a $100k reclaim by the end of October. However, a report by Glassnode suggests that BTC may not have reached its bottom yet.

According to historical bear cycles, Bitcoin is still only 30% below its cycle high, which is relatively shallow compared to previous major cycle bottoms. In fact, during the 2013, 2017, and 2021 bear cycles, BTC bottomed after drawdowns of over 80%. This implies that another 90 days could be needed before BTC reaches a potential cycle low.

This is important because the market is already pricing in a volatile Q4, with fresh macro FUD hitting U.S. markets and Treasury yields moving above 5%.