BTC Panic at $80K — Is This the Market’s Cycle Bottom?

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On-chain data shows short-term Bitcoin holders have capitulated, a pattern seen near previous local bottoms.

Bitcoin (BTC) is testing the $80,000 support level, a price point not seen in six months, following a steep 36% drop from its October all-time high.

This downturn has triggered a massive wave of capitulation from short-term investors, a potential sign that a local bottom is forming, even as long-term holders begin to distribute their BTC at a historic rate.

Market Sentiment and On-Chain Signals Point to a Crossroads

The mood across social media and on-chain data platforms is one of heightened caution. According to an analysis by Crypto Dan, investors who have held Bitcoin for less than 155 days have officially capitulated.

This group, often driven by emotion, has seen its sentiment flip from positive to negative, with the market watcher noting that similar behavior was observed at the lows of previous corrections within this bull cycle, suggesting a potential rebound is likely. However, he warned that if Bitcoin fails to hold the $80,000 level, the market could be in for a much more difficult period.

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