The on-chain model has drawn the BTC bottom line, but there’s still a long staircase down below • BTC CVDD model points to a $48,000 structural bottom • A wave of projects with no fundamentals are shutting down or being acquired • Bitwise CIO says: Buy before it peaks • BNY Mellon analysts predict the dot plot will remove rate cut expectations for the end of 2026 The bottom is never called out—it shows itself after all the junk is wiped out.