Bitcoin’s calm top raises floor estimates
Bitcoin’s October 2025 top differed from previous cycle peaks, with only two of eleven traditional topping indicators flashing.
The MVRV ratio peaked at 2.29, compared with 2.93 to 5.91 in prior cycles.
Historical timing points to a possible bottom ahead, with the current drawdown about eight months old.
Galaxy estimates a base-case bottom range of $40,000 to $46,000, with a deeper washout scenario at $30,000-$37,000 and a shallower decline at $51,000-$54,000.