Bitcoin, Ethereum, Solana, XRP Remain Trapped: 'Crypto Bottom May Take Months,' Trader Cautions

Bitcoin remains pinned near $63,000 even as U.S. stocks push to record highs, fueling the debate about whether crypto has already bottomed.BTC Trapped, Bottom In Q4?In a podcast on Aug. 13, Crypto trader Trader Mayne highlighted Bitcoin has essentially been trapped in the same range since June and argued investors haven’t missed much even if the cycle bottom is already in.“The bottom is a process,” Mayne said, pointing to previous cycles in which Bitcoin spent months establishing a base before eventually breaking higher.He currently leans toward Bitcoin’s ultimate low not being in yet. Mayne noted that following the traditional four-year cycle would put a potential bottom around late Q4 or early 2027.Rather than trying to perfectly time the low, Mayne favors gradually building exposure while keeping dry powder available for another decline.The weakness is particularly notable because Bitcoin has failed to follow equities higher. Mayne warned that if stocks eventually correct, Bitcoin could face additional pressure despite barely participating in their rally.Traders Are Watching Ethereum, Solana And XRPEthereum remains bearish on Mayne’s framework after its latest bounce failed to change the broader market structure.He believes ETH needs a bullish market-structure break before he becomes interested in longs. Until then, lows around $1,750 remain vulnerable if Bitcoin rolls over.The ETH/BTC pair has broken its downtrend line, but Mayne wants to see it take out previous highs before treating the move as a meaningful trend change.Solana , meanwhile, continues consolidating inside a weekly order block. Mayne sees there is little confirmation in either direction yet, although SOL has recovered more strongly from its June lows than Bitcoin.For XRP , Mayne remains focused on its aggressive downtrend.The token failed to deliver the trendline breakout he previously wanted to see and instead printed another low. His next potential setup would be a weekly swing failure pattern, followed by a breakout from the downtrend.XRP has recently been hovering around the psychologically important $1 area, which has acted as near-term support.Chainlink offered a relatively stronger setup. Mayne noted that LINK reacted from a three-day order block and said the next confirmation would be a higher high.Hyperliquid (CRYPTO: HYPE) is also showing signs of life after breaking above a short-term downtrend, although Mayne noted it still needs to clear additional highs to confirm a broader structural reversal.Could Crowded Bitcoin Shorts Spark A Squeeze?In an X post on Aug. 13, Trader Cav noted another factor that could dramatically change the setup.“Total BTC Open Interest / Market Cap is getting pretty elevated here,” Cav said, noting that the calculation includes perpetual futures and Deribit options.He believes a significant amount of bearish positioning is already “baked in,” with traders betting on another Bitcoin decline.That could turn into fuel for a squeeze if BTC instead breaks higher.Image: Shutterstock