Just came across some interesting market cycle analysis on X. An analyst was looking at the NUPL-MVRV harmonic composite indicator and noticed it's sitting at 0.33 right now. What caught my attention is that historically, the bottom of these bear market cycles usually happens around 0.5, so we're not quite there yet.

The chart shows the indicator trending upward in what looks like the mid-stage of the current bear market cycle. Basically, it suggests extreme selling pressure might be easing up a bit. But here's the thing - we're still pretty far above that historical bottom level, which means the full market cycle capitulation hasn't really happened.

So if this market cycle analysis holds up, it sounds like we could still see more downside before we hit an actual bottom. Interesting to watch how this plays out.