$56K Could Be the Bottom for $BTC in a Full Downtrend Scenario

Historically, Bitcoin has formed major cycle bottoms near its Realized Price.

2018: -60% from ATH

COVID crash: -72% from ATH

2022 bear market: -77% from ATH

Each time, BTC bottomed around the Realized Price level.

With Realized Price currently near $56K, Bitcoin could see a ~55% drawdown from the latest ATH in a negative macro scenario, making $56K a potential cycle bottom.