Widely followed on-chain analyst Willy Woo says that Bitcoin (BTC) hasn’t bottomed out yet based on under-the-radar metrics.
The analyst tells his 1 million Twitter followers that Bitcoin has not seen the same pain as previous bear markets when looking at the BTC market’s cost basis metric, which can show how many coins are underwater from time of purchase.
“Have we bottomed?
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In terms of max pain, the market has not felt the same pain as prior bottoms. We can see this in the blue line (supply in profit by glassnode).
We have only reached 52% of coins being underwater so far.
Prior bottoms were 61%, 64%, 57%.”
Source: Willy Woo/Twitter
While the current bear market doesn’t necessarily need to bleed out as much as