The real bottom hasn’t arrived yet

The latest on-chain data provides a somewhat “uncomfortable” judgment: Bitcoin’s current cycle may not have finished its final clearing yet.
Based on projections from multiple indicators—especially the MVRV Z-score—while it has already fallen, it still has not entered negative territory. Historically, nearly every true “iron bottom” has come with this indicator breaking below the zero line, meaning the market is entering an extremely pessimistic phase.
In other words, it’s not time to panic yet.
The timing given by the model is also very clear: the real bottom may not appear until the end of 2026, with a price range around $55,000–$60,000. Before then, the market will very likely go through another deep reshuffle.
If we continue to project based on historical cadence, after the bottom is confirmed there will be a 1–2 year period of accumulating positions, and then with the 2028 halving layered on top, the next truly bullish market peak may appear in 2029.
Many people think the cycle has ended, but the data tells you: the story may not have reached its most critical chapter yet.
(Most people only watch the price; a few watch the cycle)#BTC #btc$btc#Gate现货衍生品双双冲进全球前三 $TNSR $DASH $AKE