Bitcoin likely bottomed at $57,000 as four-year cycle breaks down

Bitcoin likely established a bottom near $57,000 and is entering the early phase of a new bull market. Institutional flows through spot exchange-traded funds are helping mature the market, weakening the explanatory power of the traditional four-year cycle. In an Oct. 15 interview with Bitcoin Magazine, crypto investor and YouTuber Lark Davis said the market appeared to be at the beginning of its next major cycle, with substantial room left to develop. Davis pointed to record whale accumulation in June, on-chain buying during ETF outflows and signals including the two-week moving average convergence divergence indicator. He said roughly 12 on-chain indicators and 12 technical indicators suggest the market likely bottomed at $57,000.

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