Trader Notes: CryptoQuant analyst Maartunn noted that major Bitcoin bottoms do not form instantly due to significant overhead supply.
Approximately 9.31 million BTC, about 46% of total supply, is currently held above the market price. Many of those holders are likely waiting to sell at breakeven or modest profit levels.
Before a sustainable bottom can form, that supply must be absorbed and redistributed to stronger hands, a process that historically takes time and consolidation.
Technical analyst CryptoCon said Bitcoin's last major move tapped "Level 2" on the Magic Bands around $65,000, aligning with prior cycle structures. The previous Level 2 dates include – Feb. 26, 2014, Feb. 3, 2018, Jan. 23, 2022, and Feb. 7, 2026.
According to data, the historically accurate cycle bottom band currently sits near $28,200 and is gradually rising, implying that patience may still be required before a definitive long-term bottom is established.
Trader CryptoKaleo suggested that the current market conditions may represent the strongest buying opportunity since early 2020. He cautioned that attempting to wait for one final dip could result in missing the move entirely.
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