Rafael, co-founder of Glassnode, has identified a potential bottoming range for Bitcoin between $46,000 and $54,000. In his recent analysis, Rafael highlighted that Bitcoin is currently trading at approximately $62,000, marking a 24% decline over the past month and nearly 50% below its all-time high. The cryptocurrency has breached the upper range of its valuation framework, entering a valuation cluster zone where historical cycle bottoms have been observed.