Benjamin Cowen Says Bitcoin On-Chain Profit-Loss Ratio Crossover May Signal Timing for Cycle Bottom Search

Crypto analyst Benjamin Cowen said a crossover has occurred in Bitcoin’s on-chain “profit-loss ratio” indicator. According to Foresight News, Cowen wrote on X that historical patterns suggest investors should begin looking for a market cycle bottom after the indicator crosses, rather than before it. He added that the signal can serve as a reference for assessing market direction during the mid-year period of a halving cycle.