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\n\t\t\t\t\t\t\t\t\tBitcoin’s usual fourth-quarter bottoming pattern is central to the debate, with the analyst believing seasonality can change between cycles.\t\t\t\t\t\t\t\t<\/p>\n<\/p><\/div>\n
Bitcoin (BTC) may have already completed its bear market bottom, despite renewed selling that pushed the OG cryptocurrency toward $75,000 this week.<\/p>\n
This is according to trader KillaXBT, who believes market structure carries more weight than the seasonal pattern that has often placed BTC\u2019s cycle lows in the fourth quarter.<\/p>\n
In a post on X, Killa challenged<\/a> the idea that Bitcoin still needs to establish another low before the current cycle can turn.<\/p>\n \u201cI want to show why I believe that may not be the case,\u201d wrote the trader. \u201cThe BTC bottom is already in, and what we\u2019re likely seeing now is the market derisking as legacy markets fall off a cliff, with crypto simply following the correlation.\u201d<\/p>\n<\/blockquote>\n According to them, regardless of seasonality, the flagship cryptocurrency has always formed three \u201csignificant lows\u201d in each cycle. They pointed to a bottom formed in 2023, which, in their opinion, was very similar to what the market has been through this year, with another two lows coming very close to each other.<\/p>\n The market watcher suggested that while structurally the traditional corrective bottom had been formed, in terms of seasonality it hadn\u2019t.<\/p>\n \u201cI\u2019m implying that, structurally, the market has bottomed and the bear market is over. So either you have more faith in market structure or in seasonality,\u201d they explained.<\/p>\n<\/blockquote>\n Furthermore, the trader stated that they didn\u2019t think BTC would form a new low in the remaining time before the year ends since such a decline wouldn\u2019t fit the typical cycle structure.<\/p>\n Looking at the markets, the latest price action could give skeptics something to point to. At the time of writing, BTC was trading just above $76,000.<\/p>\n Recall that yesterday, it briefly went near $81,000 after recovering from a 7-week low of $75,600 before closing<\/a> below $76,000 as US stocks weakened, with more than $560 million in positions liquidated in under an hour, most of those losses being borne by traders who had bet on higher prices.<\/p>\n The current level represents a drop of over 5% in 24 hours and a more than 3% dip in one week, and the asset has been hit just as hard across longer timeframes, showing a 10% plunge in the past 30 days, which has helped keep it almost 28% lower than where it was 12 months ago and 39% below the $126,000 all-time high it recorded in October last year.<\/p>\n\n
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Market Sell-Off Puts the Bottom Call to the Test<\/h2>\n
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