May 30, 2024

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Bitcoin Price Collapses Massively: Is a Bottom in Sight?  -Blox

Bitcoin Price Collapses Massively: Is a Bottom in Sight? -Blox

The price of Bitcoin has fallen below $60,000 and is currently approaching $56,000. However, according to on-chain analyst Checkmate, there is no need to worry. He publishes a chart showing investors' “realized losses” that appear to be pointing toward the bottom.

Low prices part of Bitcoin

In its post, Checkmate also shares an important quote from investing legend Peter Lynch: “You have to know that sometimes the market goes down. If you're not ready for that, you shouldn't buy stocks. And it's okay when the market goes down.”

The same of course applies to Bitcoin. No asset can go to the moon in a straight line and the same applies to Bitcoin.

Many short-term investors are now choosing to sell their Bitcoin at a loss. The red and orange colors mainly represent short-term investors. People who have only owned their Bitcoin for a few months.

There is no certainty, but in the past the peak of this indicator has often led to the formation of a bottom. It would be nice if we were near the bottom now.

Has a price drop of 25% or more “finally” gotten there?

It has been a long wait for Bitcoin's price to drop by 25 percent or more, but now it appears that it has “finally” happened. From an all-time high of $73,800, Bitcoin is down nearly 23 percent at a price of roughly $57,000.

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It is noteworthy that we barely You set a record with Bitcoin. “We are now one day away from the 2011 record for the number of days without a significant decline,” Charles Edwards said.

By “significant pullback” in this case, Edwards means a correction of 25 percent or more. If Bitcoin continues like this, it could happen today. Things are not looking rosy for the cryptocurrency at the moment.