Bitcoin price struggles persist as the premier cryptocurrency is yet to break above the key $70,000 resistance zone, suggesting the market remains at risk of a deeper correction. Notably, popular market analyst Yonsei_dent has shared an observation that backs these bearish investors’ expectations.
Bitcoin Supply In Profit Metric Shows Potential 75% Drawdown
In a Quicktake post on CryptoQuant, Yonsei_dent has identified a potential price bottom of the present market cycle, considering the meltdown in recent months. Since October, the leading cryptocurrency has lost over 45% of its market value, with prices dropping as low as $60,000 from an all-time high of $126,000.
Using the Supply In Profit on-chain indicator, Yonsei_dent maps out the possible extent of Bitcoin’s price decline when in the bottom zone, based on historical cycle drawdown periods. For context, the Supply in Profit measures the portion of the total circulating Bitcoin whose current market price is hig
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