[Galaxy Research: Bitcoin's Current Cycle Bottom Range Estimated at $40,000 to $46,000]
Galaxy Research analyst Alex Thorn analyzed that the top signal of Bitcoin's current cycle is moderate, with the network cost basis at 43.7% of its historical high. The estimated baseline bottom range is $40,000 to $46,000, with a deep correction scenario at $30,000 to $37,000, a mild dip scenario at $51,000 to $54,000, and a potential panic sell-off bottom possibly dropping to $28,000.
CryptoQuant monitoring shows that Bitcoin's spot price is approximately $59,000, 9% higher than the realized price of $53,600. Over the past week, speculative futures and spot demand combined have decreased by 652,000 BTC.
