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 cryptocurrency by market cap, fell around $19,755 before crawling above $20,000, where the bulls are attempting to catch up. At the time of publication, bitcoin is trading at $20,229, up 0.19% over the past 24 hours.
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 bought bitcoin when the price was higher than the current price and this is a way 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.
According to analystThis is because traders are holding 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, Nicolas Merton, another analyst, also believes another bottom for bitcoin. He informed his 513,000 YouTube fanbase that bitcoin will drop to around $13,000 in the near future.
Currently, Bitcoin is changing hands at $20,197 after a drop of 0.23% over the last 24hrs.
