50% CORRECTION IS NOT HOW BITCOIN BEAR MARKETS END Every major cycle bottom formed after a far deeper flush 2015 → -87% before the bottom 2018 → -84% before the bottom 2022 → -78% before the bottom And somehow this cycle is supposed to end after a 50% pullback? I don't buy it Base case is still

50% CORRECTION IS NOT HOW BITCOIN BEAR MARKETS END Every major cycle bottom formed after a far deeper flush 2015 → -87% before the bottom 2018 → -84% before the bottom 2022 → -78% before the bottom And somehow this cycle is supposed to end after a 50% pullback? I don't buy it Base case is still

5 of the 6 bottom signals I track says Bitcoin has already found its floor. The 6th one says we're not even close, and it's the one I care about the most. Here's what the data says: • MVRV Z-Score: around -1, back in the same zone that marked the bottoms in 2015, 2018, and 2022 • AVIV Z-Score: a