Analyst sees Bitcoin's structural bottom for this cycle at $48K

The structural bottom for the current Bitcoin cycle could form around the $48,000 level, according to on-chain analyst Axel Adler Jr. Adler explained that the Sell-Side Risk Ratio (SSRR), a metric measuring market pressure based on investors' realized profits and losses, entered its "red zone" for the first time when BTC dropped to $60,000. This signifies that losses are outpacing profits, putting significant pressure on holders. Additionally, he noted that the Cumulative Value Days Destroyed (CVDD), an on-chain indicator used for long-term valuation, also points to a potential structural bottom near $48,000 for this cycle. "Bitcoin has since rebounded to $66,000, and the SSRR indicator is showing signs of an upturn," Adler added. He concluded that while $60,000 is a key accumulation zone, the possibility of a future test of the $48,000 support level remains a major risk.