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Ark Invest Analyst Says Crypto Market Is Completing Its Capitulation

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The Bitcoin price remains rangebound after bulls have repeatedly failed to gain a footing above the $20,000 mark

, analyst at American investment management firm Ark Invest, claims that the cryptocurrency market is likely in the process of completing its capitulation based on Bitcoin's net-realized-profit-loss ratio.The metric calculates the net magnitude of profit or loss realized by all holders pending their coins.

Bitcoin's short-term-holder cost basis fell below its long-term cost basis for the fourth time in history. This is yet another indicator that the market has likely reached a cyclical bottom, according to Elmandjra.is stuck in the range between $19,000, the level that represents its investor cost basis, and $23,500, the 200-day week moving average. For now, there is a battle between strong holders and an unfavorable macro environment.

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