Bitcoin's Cycle Bottom May Have Already Been Established

A fresh analysis of Bitcoin's price action has suggested that the cryptocurrency may have already established a new four-year cycle bottom on July 1. This assessment is based on Bollinger Bands on the quarterly chart, which indicate that Bitcoin may have found significant support at $57,735.

According to TradingView, this level corresponds with a long-term support zone that has been tested in previous market cycles. The rebound point recorded on July 1 also contains a potential trap for retail traders due to the mechanics of an open candle.

The current 3-month candle will not close until September 30, leaving room for manipulation and potentially chaotic price movements. Despite this, major players may push the price lower once again before the end of September, breaking below the July low of $57,735 and collecting stop orders from panicked traders.