AMPLIFICATION ONLY — ADAM BACK GOES 10 X-WINDOWS WITH NO ORIGINAL FRAMING. THE TAPE IS DOING THE ARGUING.

Blockworks Research published a note today identifying five historic indicators that have simultaneously fired at every previous Bitcoin cycle bottom: extreme short-term-holder capitulation, the 200-week moving average retest, MVRV Z-score entering the historical accumulation zone, funding rates negative on major perps, and long-term holder supply making new all-time highs. All five are firing right now. The Fundamentalist read: this doesn't guarantee a bottom, but it defines the historical setup. When these five have aligned in the past, price bottomed within 30-60 days and began the next expansion. If the pattern holds, we're inside the window. If Grayscale is right that the four-year cycle still rules and the Fed is the deciding variable, next week's FOMC (July 28-29) is the catalyst that either accelerates the setup or delays it. The math doesn't predict — it just describes the terrain.