Bitcoin flashes 8 bottom signals, but rebound may take months: VanEck

Bitcoin has triggered eight of VanEck’s 12 capitulation signals after falling 49% from its peak, although the firm’s historical data has shown no return advantage within six months. Summary Eight of VanEck’s 12 capitulation indicators remain active, while all 12 fired during the past three months. Bitcoin averaged 12.8% returns after 90 days when eight to 12 signals were active. VanEck placed the next possible accumulation period between September and November. U.S. spot Bitcoin products received $663 million after losing about $2.4 billion the previous month. VanEck said in its mid-August Bitcoin ChainCheck that the active signals place Bitcoin in a period of heavy market stress, but its backtest does not support expectations of a fast rebound. The asset manager’s indicators cover price losses, miner finances, and the share of Bitcoin holders carrying unrealized losses. Each measure is designed to detect conditions that have appeared when selling pressure approached an extreme level during earlier market cycles. All 12 indicators entered their capitulation zones at least once during the three months covered by the report, according to VanEck. Eight remained active when the firm to...