Bitcoin (BTC) investors should still expect a further dip in the price as the bottom is yet to form fully, Glassnode reported.
Bitcoin’s price might have crashed by over 72% from its all-time high and recently consolidated around the $20,000 range, but a comparison with the previous bear market showed that the bottom is not yet formed.
Bitcoin’s breakpoint
During December 2017 to March 2019 bear market, Bitcoin reached its breakpoint around $6,000, when it saw a 50% drop in one month. This bear market breakpoint was $30,000 when Bitcoin’s value fell by over 40% in two weeks.
Source: Glassnode
Furthermore, a redistribution of wealth due to falling prices played out during the 2018 bear market. The same can be seen in the current bear market as new buyers get into the action around the $20,000 range as long-term investors capitulated.
Long-term holders at loss
Per Glassnode, long-term holders have been under pressure since Bitcoin’s price fell below $30,000. The report measured p
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