Analyst on $17.6K BTC price bottom: Bitcoin 'not there yet'

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 underwater.

“In terms of max pain, the market has not felt the same pain as prior bottoms,” he warned alongside a chart from on-chain analytics firm Glassnode.

According to that chart, 52% of the supply is currently at a loss, and in order to hit the 60% mark, BTC/USD would need to dip to just $9,600.