Galaxy Digital: BTC cycle bottom should be at least $54K

Given that Bitcoin showed weaker signs of overheating at its last cycle peak, the subsequent cycle bottom could form at a higher price level than in the past, according to research from Galaxy Digital. In a report cited by Cointelegraph, the firm noted that while the four-year cycle theory for BTC remains valid, the magnitude of declines from peak to trough has been diminishing. Galaxy Digital explained that the peak in October of last year met only two of 11 traditional peak indicators, and the current market phase has satisfied just four of 13 major bottom indicators. The report also pointed out that cycle bottoms typically occur 12 to 13 months after a peak, whereas only about eight months have passed since the last high. The firm projects the most likely bottom to be around the realized price of $53,600. In the event of a sharper decline, the bottom could be in the $37,000 range, while a shallower drop could see a bottom as high as $54,000.