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Why This Bitcoin Bottom Might Be Different
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🚨 CHECK OUT TBL PULSE: In this episode, Nik walks through the latest bitcoin research from Johan Bergman, head of bitcoin research at The Bitcoin Layer, using the charts inside TBL Pulse. He explains Johan's state grid, which plots bitcoin on valuation and trend, and why the framework currently places bitcoin in disbelief territory, a zone where, together with capitulation, bitcoin has spent roughly 40% of its life. Nik covers why bulls bracing for $45,000 are facing data that makes it less likely, and why the 200-day moving average near $73,000 stands as the final boss of the downtrend. He closes on why not retesting the realized price this cycle would signal a maturing bitcoin market. Get Nik's weekly bitcoin and macro research: The Bitcoin Layer is proud to be sponsored by SOUND HSA. A Health Savings Account is the most tax-advantaged account in the US tax code: contributions are…
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Market context for assets mentioned
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Analysis last updated August 22, 2026 · Read the methodologyRead the creator’s original video description
🚨 CHECK OUT TBL PULSE: In this episode, Nik walks through the latest bitcoin research from Johan Bergman, head of bitcoin research at The Bitcoin Layer, using the charts inside TBL Pulse. He explains Johan's state grid, which plots bitcoin on valuation and trend, and why the framework currently places bitcoin in disbelief territory, a zone where, together with capitulation, bitcoin has spent roughly 40% of its life. Nik covers why bulls bracing for $45,000 are facing data that makes it less likely, and why the 200-day moving average near $73,000 stands as the final boss of the downtrend. He closes on why not retesting the realized price this cycle would signal a maturing bitcoin market. Get Nik's weekly bitcoin and macro research: The Bitcoin Layer is proud to be sponsored by SOUND HSA. A Health Savings Account is the most tax-advantaged account in the US tax code: contributions are tax-deductible, growth is tax-free, and withdrawals for qualified healthcare expenses are tax-free too. But most people leave their HSA sitting in cash, losing purchasing power year after year. SOUND HSA lets you hold real bitcoin inside your HSA instead. Not an ETF, not a paper claim, but real bitcoin secured in multi-institutional, multi-signature cold storage. Use code TBL to waive the fifty-dollar setup fee. Transfer an existing HSA or open a new one today: The Bitcoin Layer is proud to be sponsored by Club Orange. One of the best parts of bitcoin is the people, and some of the strongest friendships and opportunities come from meeting other bitcoiners. Club Orange makes that easy. Whether you're at home or traveling for a conference, you can find local bitcoiners, discover the next meetup, and locate merchants that accept bitcoin, all in one app. Every city has an incredible bitcoin community; you just need a way to find it. Learn more at or download Club Orange on the App Store or Google Play. When you join, send Nik a DM. 📊 The Bitcoin Layer is a bitcoin and global macroeconomic research firm. ▶️