joohyun ryu
The End of the Shakeout – We’ve Hit the Floor
While Bitcoin’s current price action is showing a slight upward tilt, it’s clear we’re still navigating the correction zone. However, this modest but steady climb is already moving the needle on several key on-chain metrics. We’re seeing a distinct shift in indicators like MVRV, the Puell Multiple Z-Score, and Supply in Profit. As the charts below illustrate, these metrics have bounced off their local bottoms and are signaling a trend reversal. This strongly suggests that the deepest part of this correction is now in the rearview mirror. I’m well aware that whether we’re still in a bull cycle is a topic of heated debate among analysts right now. That said, I view this as the final pit stop of this fifth bull run, and I have no doubt that the "Euphoria Phase" is just around the corner. Throughout the last four bull cycles, we’ve always seen major pullbacks of this magnitude—this is just par for the course. Calling this the start of a bear market based on recent price dips feels a bit like jumping the gun. The on-chain data is already whispering that the bottom is in. While I won’t boldly claim it’s "up only" from this very second, the arrival of the euphoria phase is a matter of when, not if. This is exactly the moment to keep your eyes peeled for Bitcoin—the very tipping point Warren Buffett described when value investors should catch a fever of greed and start sweeping up assets with an insatiable thirst.