I readily hold my hands up and admit that I got the previous $80k low wrong... But after going over a wide variety of onchain charts, it is painfully clear just how much of a severe capitulation we had last Friday. We set a new record for short term holder realised losses at a staggering $1.5bn. Higher than any other period in Bitcoins history. I thought the November 22 capitulation was high, but this has dwarfed it. After such an insanely large realised loss figure we can see just how many people capitulated at the bottom... Which is exactly what we want to see. I would be very surprised to see that happen again. For me, I think worst case scenario here is wicking back to $60k, but i think after reviewing this... The low was set on Friday.
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There is a very high chance $60k was our bottom.
I readily hold my hands up and admit that I got the previous $80k low wrong...
But after going over a wide variety of onchain charts, it is painfully clear just how much of a severe capitulation we had last Friday.
We set a new record for short term holder realised losses at a staggering $1.5bn.
Higher than any other period in Bitcoins history.
I thought the November 22 capitulation was high, but this has dwarfed it.
After such an insanely large realised loss figure we can see just how many people capitulated at the bottom...
Which is exactly what we want to see.
I would be very surprised to see that happen again.
For me, I think worst case scenario here is wicking back to $60k, but i think after reviewing this...
The low was set on Friday.