Bitcoin has rebounded from its July low of $57,000 to hit $87,000 in September, posting a 40%+ ROI in Q3, with traders now targeting a $100k reclaim by year-end. However, Glassnode’s latest report tempers this optimism, noting the current 30% drawdown remains significantly shallower than the 80%+ drops seen during the 2013, 2017, and 2021 bear markets. Meanwhile, large holders are accumulating rapidly, adding approximately 114,000 BTC since mid-July, creating a divergence between on-chain signals and historical cycle forecasts that could point to a mid-Q4 rather than a 90-day-away bottom.
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