Glassnode: Bitcoin has most likely established a bottom, with a lower probability of further deep declines.

September 23: Glassnode posted on social media that the four-year cycle playbook many investors rely on has not worked for this BTC bear market. As it stands, the drawdowns in the previous three bear markets were more than twice as deep as this one, and each was still weeks away from its respective low. As the weeks go by, the likelihood of a later decline reaching the depths seen in previous cycles looks increasingly small.