Analysts are divided on the current state of the leading cryptocurrency, but they note signs of a potential local bottom.

An expert known as Zizcrypto pointed out that the price has dropped 39% from its all-time high.

Source: Zizcrypto/CryptoQuant.

In previous cycles, the declines were steeper: 86% in 2015, 83% in 2018, and 76% in 2022. He noted that losses during bear phases have gradually decreased as the market matures, but current conditions still differ from past cyclical lows.

MN Trading founder Michaël van de Poppe believes that Bitcoin has reached its capitulation point.

#Bitcoin is at its capitulation point.

Eleven indicators are signaling that we're at the best opportunity to buy the asset in the last five years.

The last time all these signals flashed was Q4 2022.

That also resonates with the current market sentiment, where nobody is… pic.twitter.com/I4cqHygdMi

— Michaël van de Poppe (@CryptoMichNL) April 29, 2026

He highlighted several key factors:

  • 11 indicators are signaling the best buying opportunity in five years;
  • A negative funding rate indicates dominance of short positions;
  • The basis of three-month futures has fallen to its lowest since late 2022.

Van de Poppe noted that there are almost no leveraged long positions left in the market, and those who wanted to sell have already done so. A sign of this is the $1.5 billion inflow into spot Bitcoin ETFs since mid-April. He believes the sector has become "spot-driven," and forced selling has ceased.

Fidelity's Director of Macro Research, Jurrien Timmer, added that Bitcoin is showing resilience as it attempts to break through the upper boundary of a bear flag pattern.

Bitcoin also continues to show resilience as it tests the upper bounds of a potential bear flag. Technical Analysis 101 states that when bear market rallies get overbought (per the stochastics below), it’s usually the kiss of death and time to sell. However, during bull markets… pic.twitter.com/Xn2Xbl5hKD

— Jurrien Timmer (@TimmerFidelity) April 29, 2026

He explained that in a bullish trend, overbought conditions indicate market strength rather than an imminent crash. If the price holds at current levels despite resistance, it will confirm the start of a new growth phase.

Recall that on April 29, Bitcoin and many other crypto assets declined following the U.S. Federal Reserve's decision to maintain interest rates.