Bitcoin’s price correction to just under $60,000 marks a 53% decline from its October 2025 peak. Analysts note the asset has touched its electrical cost of production for only the fifth time in 11 years, a historical signal for potential market bottoms. On-chain metrics and historical cycle comparisons suggest the bear market may be nearing its end, though some warn of possible further volatility before a recovery.
Bitcoin has corrected to just under $60,000, losing over 53% of its value since its all-time high last October. Several analysts are examining whether a market bottom has been reached.
Analyst Merlijn The Trader observed that Bitcoin has reached its electrical cost for the fifth time in its history. He stated that all four previous occasions “marked a historic bottom” and “every single one launched a massive rally.” Comparing current sentiment to past cycles, he said it is “good” that “Bitcoin looks dead right now,” which has preceded major rallies.
Analyst Michaël van de Poppe also pointed to on-chain indicators signaling a potential bottoming formation. He noted that metrics like the Puell Multiple have dropped to historically low levels around 0.65. However, he cautioned that consolidation at current ranges could continue for months.
Bitcoin has traded sideways between $60,000 and $80,000 since early February 2026. This extended consolidation period, according to van de Poppe, suggests a bottom may already be in place if the correction does not deepen further.
