Looking at Bitcoin's Unrealized Loss data going back to 2016, a familiar pattern is emerging.

Each cycle has shown a Higher High (HH) followed by a Higher Low (HL) in unrealized loss spikes — and we're seeing that same structure play out right now in 2025/2026.

Historically, these HH/HL formations in the loss metric have marked the end of bear market capitulation and the beginning of the next recovery phase.

Based on this data, it appears the Bitcoin bottom may be in.

Of course, no one can predict the future with certainty but the on chain evidence is encouraging. As always, do your own research and invest responsibly.