According to CoinMeta, analyst Joao Wedson stated that even if Bitcoin falls another 20%, it has entered one of the most important stages of the cycle: accumulation. Accumulation means gaining exposure within a certain range, and pure alpha indicators on the chain show that such moments in history have provided some of the best asymmetric opportunities for Bitcoin. The Accumulation Distribution Cycle Index (ADCI) has just dropped to 21.74, officially entering the accumulation phase. This index serves as a macro guide for the Bitcoin cycle and follows a framework inspired by Wyckoff, analyzing the market on a scale of 0 to 100: 0 to 30 is considered accumulation, which has historically been associated with the cycle’s bottom; 30 to 70 marks a transition from accumulation or distribution, as the market moves towards expansion or contraction; 70 to 100 represents distribution, which has historically been linked to the cycle’s maturity, frenzy, and a higher probability of distribution. Although I have been bearish since October 2025, we are approaching a point where my bias may shift completely to bullish.