Bitcoin closed the week of June 5 with a nearly 20% decline — its sharpest single-week drop since the FTX collapse in November 2022 — but on-chain analyst Ali Martinez is pushing back against the prevailing fear, arguing in a technical post on X that the market is approaching a major macro accumulation cycle rather than the beginning of a deeper structural breakdown.
According to Martinez, several key indicators suggest Bitcoin’s recent drop to $59,000 – its lowest point this year – might signal the end of the sell-off, not a continuation of it. He points to data showing that the recent decline forced highly leveraged traders to sell, a pattern that historically happens *after* the market hits its lowest point, not before. He believes this type of market correction usually sets the stage for a sustained recovery, rather than just a brief rally.
The Bitcoin Metrics Behind The Call
Two data points sit at the center of Martinez’s analysis. The first is long-term holder behavior. During the recent downswing, long-term investors distributed more than $3.25 billion in spot Bitcoin, temporarily pushing exchange reserves higher and increasing potential short-term selling pressure. That distribution, Martinez notes, is consistent with what has historically marked the final phase of supply absorption before accumulation begins.
The second is supply held at a loss. Bitcoin’s drop to $59,000 pushed more than 10.46 million BTC into an underwater position. According to Martinez’s post, every previous instance where the supply-in-loss metric crossed the 10 million threshold has accurately timed macro bottoms in prior cycles — a signal he considers one of the most reliable indicators available.
Bitcoin $BTC market bottom is closer than you think.
Here’s where I’m planning to buy.
— Ali Charts (@alicharts) June 10, 2026
Where The Bottom Could Land
Rather than calling a specific price floor, Martinez identified two accumulation zones based on MVRV band analysis — the ratio of Bitcoin’s market value to its realized value. The most reliable accumulation windows historically appear when MVRV settles between the 1.0 and 0.8 bands, which currently correspond to approximately $53,900 and $43,150, per his analysis. He is also tracking three key moving averages as structural reference points: the 200-week simple moving average at $62,800, the 300-week at $55,000, and the 400-week at $42,500.
Fellow analyst Benjamin Cowen separately echoed the assessment, telling his audience that investor psychology is approaching the territory historically associated with major cycle bottoms — a phase he estimates could extend through Q3 and potentially into October.
Currently, Bitcoin is trading around $63,000 after briefly dropping to $59,000. Investors are now trying to determine if last week’s significant price drop – the worst since the FTX collapse – represents the lowest point before a recovery, or if it’s just a continuation of a broader market downturn.
Cover image from Grok, BTCUD chart from Tradingview
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2026-06-10 15:40