CryptoQuant: BTC Shows First Bottom Formation Signal CryptoQuant tweeted that BTC has shown a clear bottom formation signal for the first time—on-chain data indicates that loss-driven selling pressure is substantially converging. However, analyst @MorenoDV_ also pointed out that based on the historical cycles of 2018, 2020, and 2022, the market usually needs to go through a period of pressure digestion after the bottom signal appears before the bearish momentum is fully released.