Rafael said on-chain valuation models place Bitcoin in a historical cycle valuation range that has typically been associated with market bottoms.
Bitcoin has entered a historical cycle valuation zone that has typically aligned with market bottoms, according to Glassnode co-founder Rafael. He said on-chain valuation models place the higher-probability bottom range between $46,000 and $54,000, framing the area as a historically important band for assessing downside risk and potential cycle support. The remark points to blockchain-based valuation metrics, which analyze network activity and holder behavior to gauge whether Bitcoin is trading at levels that have previously coincided with capitulation and recovery phases.