Bitfinex Alpha: Market in Late-Cycle Correction, $93K to $95K Range May Become Bitcoin's Cyclical Bottom

BlockBeats News, September 4th, Bitfinex Alpha released a report stating that Bitcoin briefly dropped below $110,000, with its retracement from the all-time high of $123,640 expanding to over 13%. Historical retracement patterns and seasonal trends indicate that the market is actually in the late stage of a correction, with the $93,000–$95,000 range expected to become a cyclical bottom. On-chain data also confirms this: the current short-term holder realized price is $108,900, becoming a key support level. If the price continues to stay below this level, it may further increase downward pressure. The exchange platform order flow indicator also shows that the spot market sentiment is trending towards neutral, reinforcing the view that buyers are choosing to wait and see for stronger catalytic factors to emerge before taking action.

Altcoins have shown even weaker performance, reflecting a widespread risk-off sentiment in the market. Ethereum (ETH) fell 14% after briefly hitting a new all-time high, while XRP, ADA, and DOGE all saw double-digit losses. However, institutional demand remains resilient beneath the surface, with ETH treasuries and corporate buyers continuing to accumulate. Mid-cap tokens such as CRO and PUMP have performed well in a narrative-driven market, but this rotation has mostly come at the expense of outflows from weaker coins rather than new inflows of funds.