Partner at CMCC Crest and renowned Bitcoin analyst Willy Woo thinks Bitcoin (BTC) has not reached the bottom, as he notes that a dip to $9,100 is likely to occur. Woo’s remarks come at a time when the crypto community is finding solace in the hope that the market bottom is in.
Willy Woo says if max pain reaches levels of previous cycles, BTC could see $9,100
Willy Woo revealed this analysis to his 1M+ Twitter followers Wednesday. According to Woo, the current max pain level in this bear market has not reached the zones of previous bottoms in past bear markets. Woo drew his conclusion using Glassnode’s BTC Cost Basis Density Map chart.
We have only reached 52% of coins being underwater so far. Prior bottoms were 61%, 64%, 57%,” Woo pointed out. He, however, noted that a repeat of previous max pain levels is just a probability, especially considering new realities.
Notwithstanding, Woo mentioned that BTC could plunge to $9,100 if max pain hits higher levels. His $9,100 price prediction is valued at a max pain level of 60%. Nonetheless, he opined that the asset would gradually start picking up from that level.
Bitcoin struggles to hold above $18k
Despite how outrageous a dip to $9,100 sounds, the community agrees that this current cycle has brought with it inevitable surprises. A dip to such shocking values is no longer in the realms of impossible, as BTC is currently in uncharted territory.
Advertisement     BTCUSD Chart by TradingView
Since the asset has managed to hold its ground above $18k, it has dipped by over 6% in the past 7 days. Bitcoin’s recent rally was greeted with a firm rejection from the bears at the peak of $20,071 on Sunday.
The preceding plunge was further exacerbated by the the Federal Reserve’s aggressive hiking campaign. BTC has seen a free fall since then but stays firm above the support at $18.5k. The asset has a current price of $18,719 at the time of reporting, down 5.25% in the past week.