Analyst James Check: Bitcoin cycle bottom may have been at $58K
- —Check identified two capitulations: a price capitulation at $60K in February and a time capitulation at $58K in June-July
- —About $300 billion in BTC cost basis is concentrated in the $58,000-$70,000 range
- —4 million BTC moved from unrealized loss to profit on the recovery
- —Long-term holders control roughly 80% of Bitcoin wealth
Why it matters: If the bottom has already passed, expectations of an October 2026 low may be wrong, changing accumulation strategy for investors.
Source: Cryptonews.net