AHR999 is around 0.45 now. I think what it’s really signaling isn’t that ‘the bottom is here,’ but rather: BTC has entered a range that’s statistically very cheap but emotionally hard to buy into. The bottom of a bear market is usually not a single point—it’s more like a platform. What’s trickier is that, historically, what truly breaks through the bottom platform isn’t regular bad news but black swans: exchange collapses, liquidity crunches, cascading liquidations. The problem is, black swans can’t be predicted. My framework is simple: around 0.45, you can start treating this as the ‘bottom range,’ but don’t fire all your bullets at once. The platform price itself might already be a good deal, but you should save some cash for ‘if another FTX-level shock happens.’ If AHR999 climbs back above 1.2, or if BTC breaks below the platform and doesn’t recover for a long time, then this bottom range assessment will need to be reevaluated.