Analyst on $17.6K BTC price bottom: Bitcoin 'not there yet'

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.

Source: Digital Coin News (digitalcoinnews.net)

woonomic WilliamSuberg I keep usdt reserves for that case. That said, I don't believe in new low levels

woonomic WilliamSuberg His analysis was completely wrong in 2021 bull run. Why would one believe he’s got it right now ? Doesn’t mean we can’t go lower. But not trusting Willy’s analysis. Onchain is literally useless. More hype and far from reality.

woonomic WilliamSuberg dreamer ill take your money all in are you

WilliamSuberg I didn’t say that. I have no convictions, or beliefs on the bottom. I said there’s more time to burn before a bottom. Whether it chops sideways or drops is yet to be seen, but certainly the data says this is very possible, going to past levels of pain would put us below $10k.

woonomic WilliamSuberg Woo is the Cramer of Bitcoin… do the opposite of his predictions and you’ll profit.

woonomic WilliamSuberg If everyone reads this nonsense, it will become a self fulfilling prophecy

woonomic WilliamSuberg How did predicting the top go? 😏😆 love Willy, but all just educated guesses out there

🚀 Thnks a millon.

woonomic WilliamSuberg I don't undertand why nobody talk about this

woonomic WilliamSuberg looking for a parnter to make something like auroom gas possible

woonomic WilliamSuberg 🚀 Thnks a millon.

🚀 Thnks a millon.

woonomic WilliamSuberg 🔥Sad, I didn't discover this earlier..

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