Michaël van de Poppe: We are nearing the end of Bitcoin's bear cycle, and here's why.

Market analyst Michaël van de Poppe has identified a historic bottom for Bitcoin. He highlighted that the Z-Score indicator has fallen to unprecedented levels, signaling the imminent end of the bear market.

The cryptocurrency market is at a turning point that could mark the end of one of the most challenging periods for investors. 

Michaël van de Poppe, one of the most respected analysts in the sector, has boosted community confidence by noting that Bitcoin is showing a "phenomenal" chart. According to the expert, capitulation—that final moment of surrender by sellers—has already occurred, placing us in an undervalued zone that has historically preceded the most powerful bull markets. 

For many BTC traders and holders, the analyst's reading fuels the expectation that the patience shown during months of bearish pressure could be about to pay off.

Bitcoin faces extreme market exhaustion

The recent analysis shared by Van de Poppe on his social media is not based on daily market noise, but rather on a comparative historical perspective. The analyst points out that Bitcoin's current Z-Score—a metric that measures the relationship between Bitcoin's market value and its realized value—has fallen to levels even lower than those recorded during the darkest moments of the last decade. 

According to him, we are talking about figures that far exceed the lows reached during the 2015 bear market, the 2018 price crash, the unexpected crash caused by the Covid pandemic in 2020, and the systemic crisis experienced in 2022.

For Van de Poppe, this data is revealing, as it suggests that we are in a territory of "extreme exhaustion". 

In the crypto ecosystem, capitulation is understood as the point where fear overcomes hope and assets shift from weak hands to institutional or long-term investors. The fact that the indicator is currently lower than in previous crises suggests that, despite the apparent stagnation of BTC's price, the market's internal structure is cleaner of speculation than ever before. Therefore, the analyst emphasizes that this depth of bearish sentiment is, paradoxically, the necessary fuel for the next major upward move in the cryptocurrency and the market. 

Patient capital anticipates a BTC rebound

In recent reports published by CryptoQuant, market signals appear to align with Michaël van de Poppe's thesis that Bitcoin may be forming a historic bottom. The data analyzed by the platform reveals a curious pattern within market dynamics: buying pressure remains strong, even as the price of BTC remains sluggish. 

The platform analysts they stressed Although the general sentiment seems dominated by pessimism, Bitcoin buy orders on exchanges continue to consistently outnumber sell orders, a common sign of accumulation by institutional investors and experienced traders.

According to experts, this quiet activity suggests that the most confident players are taking advantage of exceptionally low valuation levels, as measured by indicators like the Z-Score, to continue absorbing the available supply of the cryptocurrency. Therefore, what we might be observing is not a withdrawal of investors, but rather a sustained preparation for a potential upward momentum phase.

Every time the price of BTC ignores growing demand, latent tension builds up that tends to resolve itself with abrupt upward movements, something that already happened during the 2015 and 2020 cycles. Today, that same tension seems to be building again, suggesting that the market is preparing to leave the capitulation phase behind and enter bullish territory.

The current cryptocurrency price structure appears to be supported by a solid base of buying, invisible to most participants. However, while a discourse of fear and resignation prevails, capital with a longer-term vision seems to be building its positions, and this silent pressure could be the key to explaining market stability and, above all, the imminent possibility of a strong recovery.