If you think Bitcoin has found its bottom, you haven’t met the Woo. woonomic believes lower levels are in BTC’s future, with previous examples to back him up. (Reporting via WilliamSuberg)
For Woo, there is still reason to believe that lower levels will mark the new price floor — and this could be anywhere, including below $10,000.One metric Woo flags is the percentage of the overall BTC supply held at a loss — now worth more than the price at which it last moved.“In terms of max pain, the market has not felt the same pain as prior bottoms,” he warned alongside a chart from on-chain analytics firm Glassnode.
According to that chart, 52% of the supply is currently at a loss, and in order to hit the 60% mark, BTC/USD would need to dip to just $9,600.Woo added that at the pit of Bitcoin’s prior bear markets, supply at a loss “cleanly” pierced a long-term trend line, something also yet to happen this time around.Another telltale sign of the Bitcoin market bottoming lies in the composition of its investor base — long-term and short-term holders.
Normally, at the bottom, STHs have a lower cost basis than LTHs. This means that STHs paid less for their coins than LTHs, the latter defined as those hodling BTC for 155 days or more.Bitcoin hodler cost basis annotated chart. Source: Willy Woo/ Twitteras an “interesting” factor to consider for analysts.Finally, hodlers big and small still need to accumulate harder, Woo concludes.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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