Bitcoin bottom likely hits at 58,000 as analyst warns against lower targets

Bitcoin bulls might finally have a floor to stand on. Lead onchain analyst James Check argues the market bottom is likely already behind us, pegged at the $58,000 mark. He points to two distinct capitulation events that flushed out weak hands, suggesting the worst of the selling pressure has likely exhausted itself. While some traders are busy praying for a dip back to the October lows, Check warns that anchoring to those outdated price levels is a mistake. The data shows investors shouldn't expect a deeper discount just because they missed the first entry. Bitcoin is currently showing resilience above its short-term holder cost basis, a technical signal that usually keeps the bears at bay. If the $58,000 level holds firm through this week's volatility, the path of least resistance points toward recovery rather than a fresh collapse. Will the sidelined capital finally cave and buy in, or are they waiting for a crash that isn't coming?