Bitcoin\u2019s crash to just under $60,000 meant that the asset had lost over 53% of its value since the all-time high marked in October last year. Although this correction is not as painful as previous cycles, some analysts seem convinced that BTC has either bottomed or is very close to it.<\/p>\n
Micha\u00ebl van de Poppe cited on-chain metrics signaling the bear market\u2019s end could be around the corner, while Merlijn The Trader said, \u2018Bitcoin looks dead,\u2019 which could be the necessary catalyst for a major price revival.<\/p>\n
Merlijn compared this cycle to the ones from 2012, 2016, and 2020. In each, BTC\u2019s price had remained calm and suppressed for months after a big correction that wiped out half or more of its value. Once the overall sentiment had dumped to new lows, the asset\u2019s rally began, resulting in massive gains and a subsequent all-time high.<\/p>\n
Consequently, he predicted that it\u2019s \u2018good\u2019 that \u201cBitcoin looks dead right now,\u201d as this is how every cycle bottom has felt in the past. However, he envisioned<\/a> another flush before the eventual \u201cmoonshot.\u201d<\/p>\n In a separate post, the analyst highlighted<\/a> BTC\u2019s electrical cost: the metric showing how much it costs, on average, to mine one unit. He noted that the cryptocurrency has fallen to that level now for just the fifth time in 11 years. All four previous occasions have \u201cmarked a historic bottom,\u201d and \u201cevery single one launched a massive rally.\u201d<\/p>\n Micha\u00ebl van de Poppe also speculated that BTC\u2019s bottom during this cycle could already be here. He explained that many on-chain indicators are \u201csignaling what we clearly want to see at these ranges: a bottoming formation on BTC.\u201d One of those is the Puell Multiple, which has dropped to one of its lowest levels in the cryptocurrency\u2019s history at 0.65.<\/p>\n Nevertheless, the analyst cautioned that the asset could still consolidate at these levels for months or dip slightly lower. However, BTC has already been sideways between $60,000 and $80,000 since the early February crash, which is a \u201cpretty long period of consolidation, and if this current correction doesn\u2019t go deeper, there\u2019s no clear argument to say that the bottom isn\u2019t here.\u201d<\/p>\n Many onchain indicators are signalling what we clearly want to see at these ranges:<\/p>\n A bottoming formation on $BTC<\/a>.<\/p>\n Yes, we can still consolidate here for months, or the markets can go deeper.<\/p>\n But don\u2019t forget: the markets have already gone sideways from $60K for almost five\u2026 https:\/\/t.co\/vZtruwaW7l<\/a><\/p>\n \u2014 Micha\u00ebl van de Poppe (@CryptoMichNL) June 20, 2026<\/a><\/p>\n\n The post \u2018Bitcoin Looks Dead Now:\u2019 Analyst Reveals When the Next Moonshot Could Begin<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" Bitcoin\u2019s crash to just under $60,000 meant that the asset had lost over 53% of its value since the all-time high marked in October last year. Although this correction is not as painful as previous cycles, some analysts seem convinced that BTC has either bottomed or is very close to it. Micha\u00ebl van de Poppe […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-184469","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/184469"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=184469"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/184469\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=184469"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=184469"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=184469"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Indeed Bottomed Out?<\/h2>\n