Major BTC bottoms historically follow black swan events, analysis finds

An analysis by The Crypto Basic suggests that major Bitcoin (BTC) cycle bottoms have historically formed in the wake of significant black swan events. The report noted that the 2014 Mt. Gox bankruptcy, the 2020 COVID-19 pandemic, and the 2022 collapse of FTX all coincided with the formation of BTC cycle lows. Consequently, the market is now watching to see whether another key macroeconomic or industry-level catalyst will be necessary to initiate a new bull cycle following the recent downturn.