Analyst says crypto market is nearing a shift into an upcycle

Crypto analyst Crypto Dan said on X the cryptocurrency market appears to be nearing the final stage of a transition into an upcycle. Crypto Dan said that at the bottom of every past downturn cycle, loss and profit ratios relative to supply converged, then widened again as the market shifted into an upcycle. A similar pattern is now being observed, according to the analyst. Crypto Dan added that in past cycle bottoms, Bitcoin traded below its realized price, while this time the correction has been relatively shallow. Even so, the broader picture suggests the market is now in the process of turning into an upcycle, Crypto Dan said.