Bitcoin is now much closer to its bottom than a top.
Historically, when Bitcoin "supply in profit/loss" has converged, a cycle bottom has happened.
During the dump to $60K, this was very close to happening but didn't happen.
If you compare this with last cycle, something similar happened when BTC dropped below $20K in June 2022.
The actual bottom happened 20% lower, which could happen this time too.
For now, Bitcoin and alts are having a relief rally, but this isn't the start of a new bull run.
BTC could have one more flush below $50K (August 2024 bottom), especially due to major US stocks sho