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A crucial crossover shows Bitcoin entering a transition phase, where weaker hands exit and price struggles before building a long-term bottom.
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Bitcoin has enjoyed a brief respite this week after climbing back up above $72,000. But weak demand and investor exits could push the crypto asset lower.
Joao Wedson, founder of Alphractal, flagged an on-chain signal that indicates that the asset may still face one final price decline before establishing a cycle bottom.
Final Shakeout
His analysis, which is based on insights generated by Alpha AI, focuses on the relationship between Investor Price and the Long-Term Holder (LTH) Realized Price. According to the findings, when the Investor Price drops below the LTH Realized Price, it marks a structurally significant change in market trends, particularly in terms of who is defining the aggregate cost basis of Bitcoin holders.
This “crossover” evidences weakening confidence among newer and more active market participants. The Investor Price represents the average acquisition cost of coins that are actively circulating, meaning it captures the behavior of shorter-term investors. When this metric falls below the LTH Realized Price, it essentially indicates that these participants are willing to accept lower prices than long-term holders originally paid. Such conditions typically crop up after distribution phases, when demand begins to fade, and marginal buyers retreat from the market.
At the same time, long-term holders start to play a more dominant role. Previous cases reveal that these participants are less likely to sell when prices approach or fall below their cost basis. As a result, control of the market gradually moves away from speculative capital toward more conviction-driven Bitcoin holders. This transition tends to reduce volatility but also limits upward momentum, which ends up keeping price action subdued.
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Importantly, this phase is not usually associated with panic-driven capitulation. Instead, it represents a period of capital rotation, where weaker hands exit, and stronger holders absorb the available supply over time. This process is gradual and often leads to extended periods of sideways movement or continued mild declines as the market forms an intermediate accumulation range.
Compression of Upside Expectations
Another consequence of this structure is the compression of upside potential. Wedson explained that as long as the Investor Price remains below the LTH Realized Price, any upward moves are likely to encounter selling pressure from participants who are attempting to exit positions near their breakeven levels.
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Looking at the overall market cycle, Wedson explained that this pattern has typically appeared during mid-cycle corrections, rather than a confirmed final bottom. It reflects a market in the process of absorbing prior excesses, rebuilding cost structures, and redistributing supply into stronger hands. A more decisive change in trend typically occurs only when the Investor Price moves back above the LTH Realized Price, pointing to renewed risk appetite as well as the potential for trend acceleration.
