On-chain analyst James Check stated that multiple technical indicators and on-chain mean reversion models suggest Bitcoin is in a "textbook bottoming pattern," a phase historically typically occurring after panic selling. Both technical indicators and on-chain valuation models show that prices have now fallen to historical lows similar to December 2018 and June 2022. While prices may still decline further, the real test for bulls will be "entry timing" rather than "price." James Check concluded, "This is Bitcoin's typical risk-de-risk structure. If you don't choose to accumulate Bitcoin at this stage, when are you going to?" (CoinDesk)