On October 5th 2022 the Crypto market was depicting some strength before declining and falling on bearish trend once again. There was a similar pattern witnessed in the stock market as well as the market managed to enter the recovery phase.
Bitcoin, the world’s largest crypto by market cap, had dropped nearly $19,755 before crawling back above $20,000 where bulls are striving to hold on. At the time of publication, Bitcoin is trading at $20,229 with a surge of 0.19% over the last 24hrs.
Meanwhile, a well-known crypto analyst Willy Woo is of the opinion that the current bear market will be more deep.
The analyst claims that investors purchased bitcoin when the price was higher than the current price and this is one of the ways to understand how deep the pain is.
Bitcoin Price At $10k ?
He then talks about historical bear cycles and says the earlier cycles bottomed only when around 60% of coins bottomed below their purchase value. He also asserts that the current market is quite different from previous ones as there are no traditional sellings seen now.
As per the analyst, this is because traders are holding on to their coins for the future and the funds are from 2020.
As per Willy Woo’s chart, the King currency’s 60% trade is moving around $10,000.
On the other hand, another analyst Nicholas Merten also believes another bottom for Bitcoin. He informs his 513,000 YouTube fanbase that Bitcoin is set to drop nearly $13,000 in the near future.
Currently, Bitcoin is changing hands at $20,197 after a drop of 0.23% over the last 24hrs.