Bitcoin (BTC) experienced a notable reaction on June 15 when on‑chain analyst Ali Martinez posted on X warning that the cryptocurrency’s next bull market may not be imminent.
Analyst’s CVDD Observation
Martinez pointed out that the prior market bottom aligned with Bitcoin’s price reaching the Cumulative Value Days Destroyed (CVDD) threshold. He reported that the CVDD level in mid‑June 2026 hovers around $48,000, suggesting a potential sell‑off that could drag BTC roughly 28 % lower before a new bullish phase begins.
Price Zones and Liquidity Risks
The analyst also referenced an April X article where he explored whether Bitcoin had already bottomed, noting that the asset recently rebounded from his “smart money” accumulation zone just under $60,000. He warned that a breach below $63,111 would strip Bitcoin of its UTXO Realized Price Distribution (URPD) range, creating a liquidity vacuum and opening the door to a deeper decline.
Decade Trendline and Investor Sentiment
According to Martinez, the price corridor between $56,000 and $60,000 marks the decade trendline where “smart money” typically gathers, which may explain the recent bounce off the upper bound. Investors monitoring blockchain metrics should keep an eye on these zones as they could influence future market dynamics for the leading crypto asset.