How Low Can Bitcoin Go Will It Witness A New Floor Price Or Hold Support Level

It’s a “max pain” model for bitcoin as a popular analyst is looking closely at the bitcoin chat, which is revealing that bitcoin will experience a down trend soon enough.


On a twitter session the analyst who goes by the name Willy woo who is estimating that bitcoin will see a new bottom, that we are looking at 58% to 61% of loss from the purchase price which out rightly puts it that investors are at a loss.

“Bitcoin bottom is getting close under the Max Pain model.
Historically BTC price reaches macro cycle bottoms when 58%-61% of coins are underwater (orange).
Green shading adjusts for the coins locked up inside GBTC Trust.”

Form the chat is appears that bitcoin can actually move a leg down to selling at $12k price range, which for a while now has been predicted.
Woo says that bitcoin is using the CVV model to test for a new floor price.

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