BTC has hit a bottom, now is the time to buy in increments: Analyst

Bitcoin has reached a bottom based on on-chain indicators, according to Checkmate, a lead analyst at on-chain analytics firm Glassnode. He argued that all mean reversion models, from technical analysis to on-chain data, show BTC is currently trading in a bottoming range similar to the capitulation periods of December 2018 and June 2022. Checkmate advised that now is the time to ignore bearish sentiment and quietly engage in dollar-cost averaging. He acknowledged the possibility of further price drops but emphasized that patience is key. Citing the 2022 bear market, he noted that BTC had effectively formed its bottom six months before hitting its final low of $15,600 in December. That initial bottom, he explained, was followed by a prolonged period of waiting and a final liquidity flush, such as the collapse of FTX.