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Bitcoin

On-Chain Expert Willy Woo Says Bitcoin (BTC) Hasn’t Reached ‘Max Pain’ Just Yet – Here’s Why

Widely adopted on-chain analyst Willy Woo says that Bitcoin (BTC) hasn’t bottomed out but based mostly on under-the-radar metrics.

The analyst tells his 1 million Twitter followers that Bitcoin has not seen the identical ache as earlier bear markets when trying on the BTC market’s price foundation metric, which may present what number of coins are underwater from time of buy.

“Have we bottomed?

In phrases of max ache, the market has not felt the identical ache as prior bottoms. We can see this within the blue line (provide in revenue by glassnode).

We have solely reached 52% of coins being underwater up to now.

Prior bottoms had been 61%, 64%, 57%.”

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Source: Willy Woo/Twitter

While the present bear market doesn’t essentially have to bleed out as a lot as prior to now, Woo says if it does, a max ache goal close to $9,000 may nonetheless be in play.

“History doesn’t have to repeat, particularly within the trendy period with futures hedging obtainable that isn’t picked up on-chain.

But if we do get a repeat with max ache reaching 60% of the availability underwater, that price is presently at $9100, and slowly drifting upwards with time.”

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Source: Willy Woo/Twitter

The standard analyst says that earlier than he begins desirous about flipping bullish on Bitcoin, he desires to attend for a break within the pattern of the BTC provide in revenue.

“Which brings me to one of many alerts I’m watching earlier than rotating capital again in…

Supply in revenue trend-line break. It broke cleanly in the entire prior bear market bottoms.”

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Source: Willy Woo/Twitter

At time of writing, Bitcoin is buying and selling at $21,145, flat on the day and down about 10% this week up to now.

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Disclaimer: Opinions expressed at The Daily Hodl should not funding recommendation. Investors ought to do their due diligence earlier than making any high-risk investments in Bitcoin, cryptocurrency or digital belongings. Please be suggested that your transfers and trades are at your personal danger, and any loses you might incur are your accountability. The Daily Hodl doesn’t suggest the shopping for or promoting of any cryptocurrencies or digital belongings, neither is The Daily Hodl an funding advisor. Please notice that The Daily Hodl participates in affiliate internet marketing.

Featured Image: Shutterstock/Aleksandra Sova/Konstantin Faraktinov

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