Is the Bottom Officially In? Bitcoin's 11-Month Cycle Position Says Accumulation Season Starts Now

TradingKey - Up until mid-August, bears dominated the market, forcing Bitcoin price under $60,000 in August. Over the last week or so, Bitcoin staged a massive, face-melting rally above $80,000 that forced a brutal short squeeze across the crypto space. 

With billions in shorts during this rally above $80K and accumulations rising, we're left with one question: Is the Bitcoin bottom officially in? Let's find out what the data suggests.

What's Behind Bitcoin's Recent Surge?

You don't just wake up to a 24% pump without a few massive catalysts acting as rocket fuel. So, what exactly triggered this explosive Bitcoin price pump toward $80,000?

First off, it was a classic, textbook short squeeze. The market was heavily skewed short. Everyone expected the downtrend to continue. When the price ticked up just enough to liquidate heavily leveraged positions, those liquidations acted like gasoline on a fire. 

Bears were forced to buy back in, driving the Bitcoin price even higher. But it wasn't just degenerate leverage driving the bus. Macroeconomic and political catalysts played a massive role. 

The U.S. Treasury recently decided to double its buyback operations for long-term Treasuries, pushing fresh liquidity into the system. Throw in Donald Trump teasing the possibility of a strategic government Bitcoin reserve, and we have the Bitcoin rally we are seeing.