# Bitcoin nearing a “cyclic bottom”

By [WKSL](https://paragraph.com/@wksl) · 2022-06-04

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Not everyone is bearish among Bitcoin analysts, and one of them, CryptoQuant CEO Ki Young Ju, has the data to prove why.

[Uploading](https://twitter.com/ki_young_ju/status/1531118953157873665) the latest readings from Bitcoin’s realized cap distribution, Ki argued that, in fact, BTC/USD is currently at a similar stage to March 2020.

Realized cap reflects the price at which each Bitcoin last moved, and can be broken down into age bands.

These, in turn, show the proportion of the BTC supply that makes up its realized cap which last moved a certain length of time ago.

Right now, 62% of the realized cap involves unspent transaction outputs (UTXOs) from six months ago or longer.

For Ki, this signifies floor territory for BTC price, as has been the case historically — and most significantly during the March 2020 COVID-19 crash.

“$BTC is getting close to the cyclic bottom,” he summarized:

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*Originally published on [WKSL](https://paragraph.com/@wksl/bitcoin-nearing-a-cyclic-bottom)*