{"id":7126,"date":"2022-09-14T15:50:54","date_gmt":"2022-09-14T15:50:54","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=7126"},"modified":"2022-09-14T15:50:54","modified_gmt":"2022-09-14T15:50:54","slug":"analyst-on-17-6k-btc-price-bottom-bitcoin-not-there-yet","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=7126","title":{"rendered":"Analyst on $17.6K BTC price bottom: Bitcoin &#8216;not there yet&#8217;"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin&#8217;s (BTC) market behavior is not yet \u201csynonymous\u201d with previous bear market bottoms, one of the leading crypto analysts argues.<\/p>\n<p>In a Twitter thread on Sept. 14, statistician Willy Woo, creator of data resource Woobull, offered three examples of why BTC\/USD should still have further to fall.<\/p>\n<p>Despite many calling a new macro price bottom during June\u2019s trip to $17,600, not everyone is confident that Bitcoin will avoid a retest.<\/p>\n<p>For Woo, there is still reason to believe that lower levels will mark the new price floor \u2014 and this could be anywhere, including below $10,000.<\/p>\n<h2>&#8220;Underwater&#8221; supply short of bottom zone<\/h2>\n<p>One metric Woo flags is the percentage of the overall BTC supply held at a loss \u2014 now worth more than the price at which it last moved.<\/p>\n<p>In previous bear markets, price bottoms coincided with more than 60% of coins being underwater.<\/p>\n<p>\u201cIn terms of max pain, the market has not felt the same pain as prior bottoms,\u201d he warned alongside a chart from on-chain analytics firm Glassnode.<\/p>\n<p>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.<\/p>\n<p><em>Bitcoin cost basis density annotated chart. Source: Willy Woo\/ Twitter<\/em><\/p>\n<p>Woo added that at the pit of Bitcoin\u2019s prior bear markets, supply at a loss \u201ccleanly\u201d pierced a long-term trend line, something also yet to happen this time around.<\/p>\n<h2>Cost basis edges toward target zone<\/h2>\n<p>Another telltale sign of the Bitcoin market bottoming lies in the composition of its investor base \u2014 long-term (LTH) and short-term (STH) holders.<\/p>\n<p>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.<\/p>\n<p>\u201cWe are close, but not there yet. Some more time to burn IMO,\u201d Woo commented.<\/p>\n<p><em>Bitcoin hodler cost basis annotated chart. Source: Willy Woo\/ Twitter<\/em><\/p>\n<p>Previously, David Puell, creator of the Puell Multiple indicator, flagged differences in cost basis as an \u201cinteresting\u201d factor to consider for analysts.<\/p>\n<h2>Accumulation not &#8220;synonymous&#8221; with history<\/h2>\n<p>Finally, hodlers big and small still need to accumulate harder, Woo concludes.<\/p>\n<p><strong><em>Related:\u00a0BTC price clings to $20K as US stocks lose the equivalent of 4 Bitcoin market caps<\/em><\/strong><\/p>\n<p>Alongside a Glassnode chart of bear market accumulation trends, he noted that in 2022, BTC has not been flowing from sellers to \u201curgent\u201d buyers at a comparable rate to before.<\/p>\n<p><em>Bitcoin bear market accumulation annotated chart. Source: Willy Woo\/ Twitter<\/em><\/p>\n<p>\u201cSo far we haven&#8217;t had the levels of accumulation synonymous to prior bottoms,\u201d he explained.<\/p>\n<p class=\"post-content__disclaimer\">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.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/analyst-on-17-6k-btc-price-bottom-bitcoin-not-there-yet\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;s (BTC) market behavior is not yet \u201csynonymous\u201d with previous bear market bottoms, one of the leading crypto analysts argues. In a Twitter thread on Sept. 14, statistician Willy Woo, creator of data resource Woobull, offered three examples of why BTC\/USD should still have further to fall. Despite many calling a new macro price bottom [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7127,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-7126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7126"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7126\/revisions"}],"predecessor-version":[{"id":7128,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7126\/revisions\/7128"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/7127"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}