PANews reported on June 7th that, regarding the recent Bitcoin price movement, Rafael, co-founder of Glassnode, pointed out on the X platform on June 5th that Bitcoin's current price is in the $62,000 range, having fallen nearly 50% from its all-time high, with a 24% drop over the past month. The price has crossed the upper range of its pricing framework and entered a valuation cluster area where historical bottoms have occurred. This is the first time Bitcoin has fallen below the median holder's break-even level since December 2022. It is currently in a broader support range: the median realized price is around $64,100, and the 200-week moving average is around $61,700. Historically, Bitcoin has only spent about 7% of its time below this median MVRV level.

The current high-probability bottom area is located between $46,000 and $54,000 (CVDD to realized price range); in the event of extreme panic, a deeper support level lies in the $35,000 to $40,000 range. It's important to note that the magnitude of cyclical pullbacks is gradually decreasing: previous lows saw declines of approximately 85%, 84%, and 77%, while this round has only seen a drop of about 50%. This suggests that the high-probability bottom is more likely located in the upper range, but the possibility of extreme sell-offs cannot be ruled out. On the upside, the first key area the market needs to reclaim is between $75,000 and $79,000. It is emphasized that this is only a prediction, and the exact bottom of Bitcoin cannot be determined.