Despite Bitcoin’s massive drawdown over the weekend, one analyst believes that the bottom isn’t in yet. Chartoday – an educational resource for technical analysis – claims that most “bearish targets” have still not been touched.
“Bitcoin’s next move is probably to keep going down until we see way more coins being sold at a loss,” reads the post. “That’s what capitulation implies in the end.”
“UTXOs over 6 months old take 62% of the realized cap,” he said. “In the 2020 March great sell-off, this indicator reached 62% as well.”