BTC has entered 'bottom finding' phase, analyst says

Bitcoin has entered a "bottom finding" phase based on on-chain indicators, according to crypto analyst Benjamin Cowen. He noted that the ratio of Bitcoin's circulating supply in profit versus in loss, based on on-chain acquisition price, has just seen a crossover event around the 50/50 mark. Cowen explained that he likes the current chart pattern, reiterating his previous view that a market cycle bottom typically forms after this specific indicator crosses its baseline. That crossover, he added, has just occurred.