Bitcoin Bottom Not Reached - Willy Woo

Arrow

Willy Woo, an On-chain Analyst, claims that the fall of Bitcoin below $20K on September 9 came as a shock to many market participants who thought the bottom had been struck in June.

To evaluate if the market is oversold or has yet to reach the bottom, the analyst uses the max pain therm determined by the percentage of coins "underwater," or unprofitable.

According to the on-chain data, only 52% of coins are currently underwater. It is still 5% lower compared to previous cycle bottoms to mark the current price level as the point of reversal.