The current state of the cryptocurrency market has been marked by significant price fluctuations, with Bitcoin experiencing a decline of over 50% from its all-time high.
Market analyst Rafael has analyzed on-chain data and suggests that the market may be nearing its bottom, citing the CVDD metric as a key indicator.
The CVDD (Cumulative Value Days Destroyed) is a measure used to identify long-term market bottoms, with past cycles showing a range between 1.05x-1.18x of this metric.
According to Rafael's analysis, the current price of Bitcoin has fallen within this range, suggesting that the market may be approaching its bottom.