Bitcoin (BTC) prices and altcoin prices could have already hit their lowest point, new analysis from cryptocurrency exchange Binance concluded on April 11.

In the latest edition of its research bulletins, the exchange’s dedicated analytics arm, Binance Research, investigated various current phenomena and trends within cryptocurrency markets.

Among them was correlation between Bitcoin and altcoin prices, data from 2014-2019 confirming that the 90 days to mid-March represented the longest period of high correlation in market history.

According to historical behavior, such periods tend to trigger trend reversals. The 90 days to mid-March incorporated Bitcoin’s drop from $6,500 to around $3,100, leading Binance to suggest that markets could now rebound following the end of the record correlation period.

“Having emerged from a period of the highest internal correlations in crypto history, the data may support the notion that the cryptomarket has already bottomed out,” the exchange summarized.

Binance had previously eyed the changing relationship between Bitcoin and altcoin prices, concluding altcoins were becoming less correlated with Bitcoin but more so against USD.

The latest bulletin also held insights about cryptocurrency’s investor makeup: institutional investors control around 7% of the supply, Binance says, roughly equal to one-thirteenth of the institutional control of the United States stock market.

Last week, another well-known voice meanwhile endorsed the narrative that crypto markets had bottomed.

Thomas Lee, senior market analyst and co-founder of Fundstrat Global Advisors, pointed to three-year high readings on his so-called “Bitcoin Misery Inde (BMI) as potential proof that no further downside would occur.

“The main takeaway is […] further evidence the bear market for Bitcoin likely ended at $3,000,” he wrote on Twitter on Thursday.