A popular network analyst claims that the current bear market has not yet sent as many people underwater.bitcoin (BTC) how many previous bear markets.
Bitcoin analyst Willy Wu notes that reflecting how much coins are worth less compared to the purchase price is “one way to visualize maximum pain.”
Past cycles bottomed out with approximately 60% of the coins trading below their purchase price. Will this happen again? I dont know. This time the structure of the current market is quite different.
Previously, owners sold their coins onbear market, in red zones. In this cycle, we do not see such sales. Maybe they are hedging futures and the holders this time are hedge funds from 2020.
Wu’s chart shows that Bitcoin’s 60% sub-level is currently hovering around $10,000.
He is far from the only analyst who admitsthat BTC may fall another level. This week, Nicholas Merten said another round of bear market could see Bitcoin closer to the $13,000 level.
On the evening of October 5th, BTC was trading at $20,200 with no significant daily movement, with a weekly gain of 5.6%.
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