VanEck Says Bitcoin Is Nearing a Bottom as Glassnode Flags $58,500 Risk

• VanEck Bitcoin sees Bitcoin cyclical bottom signals emerging as the Bitcoin spot volume weakens and the Bitcoin price remains under pressure
• Glassnode data shows weak Bitcoin spot demand, with spot volume at its lowest level since 2019 and $58,500 emerging as a key downside level
• Bitcoin shows mixed signals, with seller exhaustion emerging while ETF inflows remain modest and exchange flows continue

The VanEck Bitcoin narrative is showing signs of a potential turnaround, with VanEck expecting Bitcoin to be approaching a cyclical bottom. VanEck recently announced how the asset may encounter a cyclical bottom, as the current post-halving bear phase is showing signs of exhaustion.

Apart from Bitcoin’s cyclical bottom narrative, Glassnode’s latest data analysis points to another debate. The latest data shares how Bitcoin spot demand has weakened significantly, with the data warning that a break below the June low near $58,500 could amplify losses.

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VanEck Bitcoin Outlook Points to a Near Bottoming

VanEck’s latest Q3 Outlook for BTC is clear. The firm shared how it believes that Bitcoin’s cyclical bottom is approaching the asset. Its GEO framework, which tracks global liquidity ecosystem leverage and in-chain activity, is showing near-bottoming signals. Per the recent report, its GEO framework has three signals, out of which two are at a neutral level, while the ecosystem leverage is considered constructive. VanEck clarified that these signs suggest Bitcoin may be approaching a cyclical bottom, putting the VanEck Bitcoin narrative on global focus. The firm later shared how this near bottoming may warrant investors beginning to scale back into Bitcoin exposure, bringing a level of balance to its prediction.

The firm later shared how this near bottoming may warrant investors beginning to scale back into Bitcoin exposure, bringing a level of balance to its prediction. The VanEck Bitcoin narrative is largely based on Bitcoin’s historical post-halving cycle. The firm is of the view that the current cycle has noted Bitcoin falling from $125K to $60K.

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Bitcoin Spot Volume Falls To 2019 Levels

The Glasnode data shared by the Wu Blockchain also highlights the weakening Bitcoin price stance. Bitcoin spot volume is currently facing a crisis, as Bitcoin spot volume trading has fallen to its lowest levels since 2019. Per the latest data shared by Glassnode, Bitcoin is currently positioned between the $63K median realized price and the $68,700 short-term holder costs basis.

Glassnode data further emphasizes signs of seller exhaustion, with some of its indicators pointing to previous bear market bottoms. However, this development comes alongside weak Bitcoin spot demand, as Bitcoin ETF inflows remain modest for now.

The current setup with its complexity leaves Bitcoin vulnerable to a break below the $58,500 mark.

Per CoinCodex, Bitcoin price stats partially relate to the VanEck Bitcoin sentiment. Separately, the platform shows Bitcoin hitting the $80K mark within the next 6 months.

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