Bitcoin Faces $9,100 ‘Max Pain’ Price Level As BTC Risks 50% Drop ⋆ ZyCrypto
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CMCC Crest partner and renowned Bitcoin analyst Willy Woo believes that Bitcoin (BTC) has not bottomed out as he notes that a drop to $9,100 is likely to happen. Woo’s remarks come at a time when the crypto community is finding solace in the hope that a market bottom is at hand.
Willy Woo Says If Max Pain Reaches Previous Periods, BTC May See $9,100
Willy Woo revealed this analysis to his over one million Twitter followers on Wednesday. According to Woo, the current maximum pain level in this bear market has not reached the zones of previous bear markets. Woo drew his conclusions using Glassnode’s BTC Cost Basis Density Map chart.
We have only reached 52% of coins underwater so far. The previous lows were 61%, 64%, 57%. Woo pointed out. However, he noted that a repeat of previous maximum pain levels is only a possibility, especially given the new realities.
Even so, Woo mentioned that BTC could drop to $9,100 if the maximum pain rises to a higher level. His $9,100 price prediction is rated at a 60 percent pain level. Nevertheless, he estimates that the fortune will gradually start to rise from this level.
Bitcoin is struggling to hold above $18,000
As outrageous as a $9,100 drop sounds, the community agrees that this current cycle has brought the inevitable surprises. A drop in such shocking values is no longer impossible as BTC is currently in uncharted territory.
Having managed to hold above $18,000, the asset has fallen over 6% in the past 7 days. Bitcoin’s recent rally was strongly rejected by the bears on Sunday at a high of $20,071.
The previous plunge was further exacerbated by the Federal Reserve’s aggressive hiking campaign. BTC has seen a free fall since then, but remains stable above the $18.5000 support. At the time of reporting, the asset’s current price was $18,719, a 5.25% decrease over the last week.