Analyst Willy Woo suggests that Bitcoin's bottom in the current cycle could lie between $46,000 and $54,000, based on two on-chain models: Realized Price and CVDD. The Realized Price, which tracks the average acquisition cost of Bitcoin, has declined to $54,200, indicating a potential bottoming zone. Meanwhile, the CVDD, a metric derived from Coin Days Destroyed, currently stands at $45,500, historically serving as a lower bound during bear markets. Woo cautions that these models are based on past behavior, noting that previous bear markets occurred within a secular bull market for risk equities. With Bitcoin's price recently slipping to $67,200, the analyst warns that a collapse in this foundation could lead to uncharted territory for the cryptocurrency.