Did Bitcoin hit the bottom? Traders think so, but judging by the data it might be better to not celebrate just yet.
) buyer who made a purchase since Jan. 1, 2021. Data from Glassnode shows these buyers"are now underwater" and the market is gearing up for a final capitulation event.
One metric that can help provide some possible guidance is the Mayer Multiple, an oscillator that tracks the ratio between price and the 200-day moving average.In previous bear markets, “oversold or undervalued conditions have coincided with the Mayer Multiple falling in the range of 0.6–0.8,” according to Glassnode and that is precisely the range where Bitcoin now finds itself.
The Bitcoin realized price model also offers insight into what a potential price bottom for Bitcoin could be, with the current reading provided by the Bitcoin data provider LookIntoBitcoinCombining these two metrics suggests that the low for BTC could occur in the $23,600 to $25,200 range.Short term holder and miner capitulation
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