Bitcoin price action is let us no longer negotiate with a feeling of euphoria, and it is also not above the levels that kept the bulls confident earlier in the year. Instead, the leading cryptocurrency has now moved into a DCA zone, which is a region that appeared in previous cycles when sentiment was at its lowest and long-term opportunities were quietly forming.
There are two sides to this trend, and the bullish side indicates that BTC now appears to be forming an opportunity for accumulation before another rally.
Bitcoin returns to the zone where fear usually peaks
Crypto Analyst Ardizor rated on that Bitcoin has now hit the same dollar cost averaging zone that appeared before major rallies in previous cycles. There is also a familiar pattern with BTC right now: the market declares Bitcoin dead, the price enters the long-term DCA accumulation region, and the next rally ultimately takes the cryptocurrency to a new all-time high.
The candlestick price chart, shown below, tracks BTC on a monthly time frame and compares three major cycle structures. In 2019, the price of Bitcoin entered a depressed DCA accumulation zone after the 2017 high around $19,000, which caused the price to decline by over 83%. This zone then preceded the run to the 2021 all-time high, around $69,000.
The 2022 episode was shorter in length but structurally identical. The collapse of the FTX exchange in November of the same year caused a wave of forced selling, and Bitcoin fell to around $15,500 from its 2021 high, above $69,000.
However, BTC bulls eventually overcame the fear, and top accumulators were able to ride a nearly 600% rally above $100,000, and the cryptocurrency eventually reached a new high above $126,000 in October 2025.
Where does Bitcoin go from here?
THE the question now is whether BTC can hold this DCA zone long enough for the cycle structure to turn bullish. At the time of writing, Bitcoin is trading at $62,800, which is still around the curved support shown on the monthly chart above. As long as BTC continues to respect this long-term structure, the comparison with the accumulation phases of 2019 and 2022 will always make sense.
However, ETF flows and on-chain signals add bearish pressure to counter the gains accumulating at this point. For example, Bitcoin’s realized cap decreased by approximately $12 billion from its peak in mid-May. Another analysis of Bitcoin’s PnL Index, which combines a few other data metrics, shows that Bitcoin has not yet reached the bottom, although it is currently in a transition phase.
However, this does not invalidate the DCA area argument. In fact, it could strengthen the comparison with past cycles. The accumulation zones of 2019 and 2022 did not appear under calm conditions, but when liquidity was low and traders were still while waiting for another background.
Featured image from Pixabay, chart from Tradingview.com
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