• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Bitcoin Price Retests $27K Following Fed Rate Decision
Bitcoin

Bitcoin Bottom Is Near, But A Drop To This Level Is Possible, Renowned Analyst Says

Jake Simmons by Jake Simmons
4 months ago
in Bitcoin
Reading Time: 3 mins read
Advertisement

After Bitcoin failed to sustainably overcome the important resistance at $16,600 within the last five days, the price saw a renewed pullback a few hours ago.

A week ago, on November 21, the BTC price fell to a new bear market low of $15,480, after which the price saw a spike, which, however, came to an abrupt end, questioning the strength of the bulls.

At press time, BTC was trading at $16.195 and initially found support at $16.050. If the closest resistance at $16.310 does not turn back into support, a retest of the current bear market low could be on the cards.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!
BTC USD 2022-11-28
Bitcoin price in the 1-hour-chart. Source: TradingView

Bitcoin Bottom Still Not In?

Meanwhile, well-known on-chain analyst Willy Woo has told his 1 million followers that a Bitcoin bottom could be near. The analyst is using three on-chain data models to come to this conclusion.

Related Reading: Bitcoin Price Prediction: This Scenario Will Trigger A Fresh Drop

As Woo writes, the CVDD floor price is currently being tested. The model examines alternatives to the market price. Dashed lines mean the model is purely technical, meaning it uses only the market price as an input. Solid lines include metrics that come from the blockchain, meaning they include investor, network, and user behavior fundamentals.

Ultimately, the model created by Woo in April 2019 uses the age and value of Bitcoin moving to new investors to create a floor. Woo’s theory: “When significantly old coins (say bought at $100) pass to new investors (say at $16k), the market perceives a higher floor.”

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Currently, the model with a proven track record is showing a second retest.

Bitcoin price models
Bitcoin price models. Source: Twitter

The max pain model also signals that the Bitcoin bottom is coming closer. Historically, the Bitcoin price reaches its bottom of a macro cycle when 58%-61% of the coins are in the loss zone. Whenever the price has fallen into the green zone, it marked a floor.

Related Reading: Dogecoin Rallies As Price Breaks Major Resistance; Here Is Why $0.15 Is Possible

“The upper limit of the shaded area is at 13k and rising rapidly,” Woo said. Thus, another price drop could be possible, although the analyst also stressed that not all lows were reached, with “those that weren’t were close.”

max pain model BTC
Max pain model for Bitcoin. Source: Twitter

Third, Woo looked at the MVRV ratio. This represents the ratio between the market cap and realized cap. Its purpose is to show when the exchange-traded price is below “fair value” and to identify the highs and lows of the market. Analyzing the MVRV ratio, Woo states:

MVRV ratio is deep inside the value zone. Under this signal we were in already bottoming (1) until the latest FTX white swan debacle brought us back into a buy zone (2).

 

Bitcoin MVRV ratio
Bitcoin MVRV ratio. Source: Twitter

Overall, Woo sees the possibility that the bottom could mean a little more pain for Bitcoin investors. He also points out that the market is in an “unprecedented deleveraging scenario,” putting all models to the test.

Bitcoin Miner Capitulation Causing Max Pain?

As Glassnode’s senior on-chain analyst Checkmate noted via Twitter, Bitcoin miners could be a reason for more pain as they have run into serious trouble in recent months.

The hash price has fallen to an all-time low. The mining industry is quickly becoming another problem area in the market and thus, the risk of “miner capitulation in round 2” is also rising.

Bitcoin miner hash price
Bitcoin miner hash price. Source: Twitter
Tags: bitcoinbtcMVRV
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Jake Simmons

Jake Simmons

Related Posts

Bitcoin

Bitcoin Coinbase Premium Continues To Decline, Buying Pressure Ending?

3 hours ago
Bitcoin

Quant Explains How Bitcoin ‘ESR’ Can Act As Leading Indicator For Price

7 hours ago
Bitcoin US Government

Bitcoin Will Be Stronger Despite Attacks From the US, Says HRF’s Executive

8 hours ago
Bitcoin bull case

3 Reasons To Remain Bullish On Bitcoin In Coming Months

9 hours ago
Bitcoin

Bitcoin Liquidity Crisis Gets Worse, Here’s What It Means For Price

13 hours ago
Bitcoin Nears $29,000 As Fed Rate Hike Brings Clarity To Market

Bitcoin Nears $29,000 As Fed Rate Hike Brings Clarity To Market

23 hours ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Whatever Happened To Bitcoin Cash? – Learn Why Avorak AI and Other AI Crypto Are Surging

March 24, 2023

Avalanche Price Prediction: are AVAX and TOADS ready to 10X?

March 24, 2023

Litecoin (LTC) and Dogecoin (DOGE) Drowning in Controversy While TMS Network (TMSN) Steals the Show

March 24, 2023

The Best Altcoins To Get In Early 2023: TMS Network (TMSN), TRON (TRX) and Mask Network (MASK)

March 24, 2023

The Web3.Conference will gather Web3 builders & creators this May in Amsterdam

March 24, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.