Half of Bitcoin is Now Underwater!
This cycle is unprecedented… ~10.5 million BTC is in unrealized loss
~9.8 million BTC is in profit. BTC is currently testing the 200-week moving average (around $61,300).
Historically, this “underwater crossover” has always been seen at the depths of deep bear markets:
End of 2018: 55% loss → $3,200 bottom
During the FTX collapse: 52% loss → Major bottom
So what’s next? Bulls: Long-term holders are stacking, sellers are running out → A bottom is forming
Bears: It could get uglier down to $50K-$55K (Q4?) Which side are you on? Is a bottom forming, or are we heading for more downside? Let’s discuss in the comments #Bitcoin #BTC #Crypto $
This cycle is unprecedented… ~10.5 million BTC is in unrealized loss
~9.8 million BTC is in profit. BTC is currently testing the 200-week moving average (around $61,300).
Historically, this “underwater crossover” has always been seen at the depths of deep bear markets:
End of 2018: 55% loss → $3,200 bottom
During the FTX collapse: 52% loss → Major bottom
So what’s next? Bulls: Long-term holders are stacking, sellers are running out → A bottom is forming
Bears: It could get uglier down to $50K-$55K (Q4?) Which side are you on? Is a bottom forming, or are we heading for more downside? Let’s discuss in the comments #Bitcoin #BTC #Crypto $