Analyst on $17.6K BTC price bottom: Bitcoin 'not there yet'
It may be a case of "so near yet so far" when it comes to June's multi-year low being the next BTC price floor, warns Willy Woo. Bitcoin's (BTC) market behavior is not yet “synonymous” 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 during June’s trip to $17,600, not everyone is confident that Bitcoin will avoid a retest. For Woo, there is still reason to believe that lower levels will mark the new price floor — and this could be anywhere, including below $10,000. "Underwater" supply short of bottom zone One metric Woo flags is the percentage of the overall BTC supply held at a loss — now worth more than the price at which it last moved. In previous bear markets, price bottoms coincided with more than 60% of coins being u...