Bitcoin looks to be in the early Disbelief phase of recovery on that chart. After the ~45% drawdown from the Oct 2025 highs near 125k into the 58-65k range, the sharp bounce past 72k with a short squeeze and Fear & Greed flipping to Greed still faces plenty of "sucker's rally" skepticism. VanEck's 8 of 12 capitulation signals and the historical 12-month peak-to-trough window point to accumulation possibly forming into fall.