On June 13 cryptocurrency prices plunged deeper into bear market territory after Bitcoin (BTC) sliced through its current trading range and briefly touched $22,600, the lowest level seen since December 2020.
According to BTC historical data, the market has now reached valuation metrics which show the price is severely oversold and perhaps near a bottom. Bitcoin has now fallen below its realized price, which represents the average price of every coin in supply based on the time it was last spent on-chain.
Bitcoin realized price vs. actual price. Source: Glassnode
While the pain that this most recent capitulation has wrought across the ecosystem can’t be understated, the one glimmer of hope it offers weary crypto traders is that the worst of the decline could have occurred. The coming