James Check, founder of on-chain analytics firm Checkonchain, analyzed that Bitcoin (BTC) likely already formed the bottom of this cycle, having experienced one investor capitulation (surrender) when it fell to around $60,000 in February, and then another capitulation around $58,000 in June-July after several months of sideways movement. According to Cointelegraph, he stated that approximately $300 billion worth of BTC is concentrated in the $58,000-$70,000 purchase price range, and subsequently, about 4 million BTC transitioned from unrealized losses to a profit state. He emphasized that instead of a 4-year cycle, one should focus on investor purchase prices, profit/loss status, and the accumulation and selling movements of long-term holders.
