Bitcoin is currently in a "textbook bottoming range," according to on-chain analyst James Check. Multiple technical and on-chain mean-reversion models suggest that Bitcoin has reached levels similar to historic lows seen in December 2018 and June 2022. This phase typically follows periods of panic selling, indicating a potential bottoming out of the market. Check emphasized that while Bitcoin's price may still experience further declines, the critical factor for investors is the timing of their entry into the market, rather than the price itself. He described this as the "classic risk-off structure of Bitcoin," urging investors to consider accumulation during this phase.