Bitcoin may need $1B more on-chain losses before new BTC price bottom

Bitcoin may not bottom until on-chain losses hit $1.7 billion, argues BaroVirtual.

According to market research firmBitcoin losses"only" total $671 million

Taking Whalemap’s moving profit and loss figures for on-chain BTC transactions, it noted that in the past, macro BTC price bottoms occurred once those transactions’ losses were equal to or more than the equivalent profits in the bull run which preceded them. “Monthly MPL by Whalemap makes it almost sure, in most cases, to determine the global bottom of $BTC,” Baro Virtual wrote in Twitter comments on Nov. 22.

Current realized losses are thus not large enough to fit Bitcoin’s historical capitulation trend, it argued, leaving the door open to further BTC price capitulation.

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