Fidelity Sees October as Key for Potential Bitcoin Bottom
Fidelity Digital Assets has identified potential signs of a Bitcoin bottom forming in October 2026. According to the firm's report, key on-chain metrics have hit historic lows, indicating an undervalued state for the asset relative to its energy consumption.
The Yardstick indicator, which evaluates the relationship between market capitalization and processing rate, has been below -1 standard deviation for 76 out of the past 92 days. This suggests a significant discount relative to the energy cost used by miners.
The network's computing capacity has only dropped 22% from its previous peak levels, indicating stronger management of operational efficiency during the current period.
Fidelity's report notes that the maturation of the mining industry has allowed for more efficient management of operational costs. The firm also highlights that price swings in this cycle exhibit lower historical volatility than in previous stages.