Ali Martinez flags Bitcoin CVDD near $48,000 as next potential bull-market trigger

Bitcoin (BTC) has rebounded nearly 10% from its weekend lows, but on June 15 on-chain analyst Ali Martinez said a new bull market is unlikely to be imminent. He said the prior major BTC market bottom coincided with price reaching the Cumulative Value Days Destroyed (CVDD) level. Martinez added that Bitcoin’s CVDD in mid-June 2026 is around $48,000, suggesting another sell-off could push BTC 28% lower before a sustained bull-market restart, according to his post on X.