BTC has been grinding through a bear market since it topped at $126,000 back in October 2025, and I keep getting asked the same question: has Bitcoin actually bottomed? So today I'm setting the daily update aside to walk through ten on-chain indicators from GlassNode and answer that properly, because I don't want anyone buying into apathy just because price feels beaten down. I went through ASOPR, the long-term holder NUPL, MVRV ratio, MVRV Z-score, NUPL, the Puell multiple, realized total ratio, realized price, percent supply in profit, and the seller exhaustion constant, and every single one of them flashed unanimous capitulation at the last four cycle bottoms. Right now only two of ten are flashing that signal, percent supply in profit and seller exhaustion, which tells me stress is real but broad capitulation isn't here yet. The drawdown confirms it too: we're sitting around 54% off the highs while 2011, 2015, 2018, and 2022 bottomed at 92%, 84%, 83%, and 77% respectively, so there's still real room to fall before this matches prior cycle lows. I've been saying 2025 was our top year and 2026 is the bottom year for a reason, and none of this changes that call. My lower target for BTC remains 49,000, sitting just below the realized price near 53,000, and that's the zone I'm watching for real accumulation. Until more of these indicators converge, I don't believe the bottom is in yet, but when it does hit, I've already laid out the accumulation game plan, and the Better Traders Club gets all of this analysis first. CHAPTER MARKERS 00:00 Bitcoin Bottom Signals Await Confirmation 02:04 Bitcoin Indicators Define Capitulation Risk 04:19 Market ASOPR Signals Capitulation Risk 07:09 Market MVRV Nears Capitulation Risk 09:31 Market Realized Ratio Signals More Downside 11:39 Market Profit Supply Signals Bottom Risk 13:44 Bitcoin Bottom Signals Await Confirmation 15:59 Bitcoin Cycle Risk Rejects Different Claims 18:03 Bitcoin Drawdown Signals More Downside 20:04 Bitcoin Drawdown Points to Lower Target Check out the site in the video here: https://btc-bottom-story.vercel.app/(Aaron Dishner)