Bitcoin has not hit a true bottom yet, analyst says

On-chain analyst Axel Adler Jr. has analyzed that while Bitcoin's supply structure resembles past cycle bottoms, key indicators have not yet confirmed a definitive floor. He explained that the supply held by long-term holders has increased to approximately 12.17 million BTC, which is easing selling pressure in the market. However, Adler pointed out that this amount is still short of the 15 million to 19.7 million BTC held by long-term holders during previous bear market bottoms. Furthermore, a key selling pressure indicator that measures loss-selling and capitulation has not signaled for 1,256 days. Adler assessed that the market is currently closer to a redistribution and consolidation phase rather than a completed bottom formation. He added that to confirm a BTC bottom, long-term holder supply would need to surpass 15 million BTC, or the selling pressure indicator would need to reactivate to confirm a market capitulation event.