As the cryptocurrency market tries to survive the flood of crises, the question of where Bitcoin (BTC) will hit bottom remains one of the hottest topics this month.
Baro Virtual: The Bottom Is Not Yet Seen: These Levels Are Possible!
The US-based research company Baro Virtual published a stunning report today. According to the findings of analysts at the company, Bitcoin has not yet reached the bottom level in the current bear market compared to the past bear market and on-chain data. Experts therefore predict that BTC will lose momentum towards $ 14,000 or lower. Analyzing the data from the on-chain analytics platform Whalemap, Baro Virtual drew attention to a simple calculation. Analyzing Whalemap’s profit and loss (MPL) figures for on-chain BTC transactions, the company compared these data with historical data. In other words, on-chain losses should be equal to or greater than the on-chain gains from the previous bull run. Otherwise, in most cases, Bitcoin subsequently recorded a decline.
“The monthly MPL provided by Whalemap gives accurate results in determining the BTC bottom level in most cases,” Bar Virtual explained in Twitter comments on November 22. The company argued that the current realized losses are not large enough to match the historical capitulation trend of Bitcoin. Therefore, the decline in BTC will continue. Bitcoin, 15.480 fell to the lowest level in the last two years, falling to the dollar. The company’s report is in line with other reports that note that the 2022 bear market has not depreciated as much as the bear market in 2014 and 2018, when BITCOIN experienced sharp declines in the previous two halving cycles.
Genesis: New Source of Concern!
Bitcoin has fallen by 77% from its all-time high in November 2021. Charlie Bilellek, founder and CEO of Compound Capital Advisors, said that Bitcoin’s 77% decline is the largest decline since 2017-18, and with 376 days, it is currently 2. he claimed that it was the longest bear cycle. The 410-day slump in 2013-15 was the longest-lasting bear market, according to the manager. The cryptocurrency market has entered an uncertain period with high volatility, crime, bankruptcies and a liquidity crisis.
Many experts claim that the impact of the FTX crisis will continue and that Bitcoin could fall to $ 10,000 in the face of any new crisis. Analysts point out that Bitcoin will continue to lose blood due to a new crisis such as Genesis, which arose after the FTX crisis.
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