Key facts
- Bitcoin has fallen 50% from its all-time high and 16% in the last week.
- Analyst Rafael identifies a potential market bottom range between $46,000 and $54,000.
- A worst-case scenario suggests a bottom between $35,000 and $40,000.
- The Cumulative Value Days Destroyed (CVDD) metric is used to identify long-term market bottoms.
- Bitcoin must reclaim $75,000-$78,000 to re-establish bullish intent.
Bitcoin's price has declined significantly, falling 50% from its all-time high and experiencing a 16% drop in the past week, bringing it to around $60,000. Analyst Rafael, using on-chain data like the Cumulative Value Days Destroyed (CVDD) metric, suggests a potential market bottom range between $46,000 and $54,000, with a worst-case scenario pointing to a bottom between $35,000 and $40,000. This analysis comes as Bitcoin has fallen below the median holder's breakeven level and the 200-week moving average. For a bullish recovery, Bitcoin needs to reclaim the $75,000-$78,000 zone. Meanwhile, plans for a U.S. Strategic Bitcoin Reserve are progressing, with legislation introduced to use seized BTC.