Bitcoin’s violent drawdown into the low-$60,000s has traders hunting for a floor. One of the market’s best-known on-chain analysts is arguing the risk-reward has shifted meaningfully, even if the “bottom” is still a process rather than a single print. James “Checkmate” Check, a former lead Glassnode researcher and now the author of Check On Chain, told What Bitcoin Did host Danny Knowles that once Bitcoin pushed into the $60,000 zone, it entered what he described as “deep value” territory across multiple mean-reversion frameworks, at the same time capitulation-style losses spiked to levels last seen at the 2022 cycle lows. Check’s core framing is blunt: if Bitcoin is headed to zero, none of the models matter