11-23-2022 icon

Bitcoin likely to attain $1B losses before hitting new value bottom

By Lucy Adegbe
Bitcoin

As revealed by the market survey platform Baro Virtual, this year’s bear market is still less severe when compared to the previous notable slump.

Bitcoin Has Recorded An Estimated Loss Of $671 Million

With bitcoin’s recent volatility to $16,558, at the time of writing, reviewers have speculated that it may drop to $14,000 or less. However, the query as to what rate will be bitcoin’s latest bottom is still among the trendiest subject in the crypto industry currently.

Defi-focused research platform Baro Virtual examined charts from the blockchain-based protocol Whalemap, with notes that the topic is dependent on easy arithmetic.

Considering Whalemap’s gains and losses movement figures for bitcoin’s blockchain trades, the previous long-value bottom was attained when trade losses equate or surpassed gains in the bull market that comes before.

In clearer terms, blockchain losses have to be equal to or more than blockchain profits from previous bull markets.

Monthly gains and loss movement trend has made it certain to predict worldwide bottom of bitcoin, Baro Virtual remarked on a Tuesday tweet. 

Presently, incurred losses are not yet big enough to contend with BTC’s notable capitulation movement, it disputed, creating an opening for additional bitcoin value capitulation.

Total calculated losses amount to $671 million and preceding maximum gains ranges between $1.3 billion to $1.7 billion, the tweet further noted.