![Crypto Expert Willy Woo Predicts Bitcoin Bottom is Close Using On-Chain Data – Here’s What You Need to Know Crypto Expert Willy Woo Predicts Bitcoin Bottom is Close Using On-Chain Data – Here’s What You Need to Know](https://v2.cimg.co/news/96442/240149/bitcoin.jpeg)
The common Bitcoin (BTC) and crypto on-chain analyst Willy Woo has predicted that the underside of the present Bitcoin bear market is shut, given the share of the BTC provide that is thought-about “underwater.”
Using his so-called “Max Pain” mannequin, Woo stated on Twitter this weekend {that a} macro cycle backside for bitcoin traditionally has been seen when 58% to 61% of the BTC provide is underwater, or held by buyers sitting on an unrealized loss.
Judging from Woo’s mannequin, that stage is now getting shut.
Asked by a commenter the place precisely the mannequin predicts the underside to be, Woo admitted that the worth might nonetheless fall additional, saying the higher a part of the shaded space of his mannequin is at $13,000 “and rising shortly.”
“Not all bottoms have hit, however for those who didn’t, they received shut,” he added.
![](https://v2.cimg.co/news/96442/240147/btc-max-pain.jpeg)
Willy Woo’s “Max Pain” mannequin appropriately predicted the underside of the bitcoin bear markets in late 2018 and in 2015. In the bear market of 2011 – throughout bitcoin’s early years – the worth received pretty shut to the mannequin’s predicted backside worth, however didn’t hit it.
Failed predictions this 12 months
Back in March this 12 months, Woo predicted a “decoupling” between bitcoin and stocks, given his view that bitcoin fundamentals proceed to level in a bullish course regardless of “macro headwinds.”
With spot demand for BTC persevering with to climb, and a return to extra demand for bitcoin futures, the market is now “absolutely reset” and “accumulation has already occurred,” Woo wrote on Twitter on the time.
So far, Woo’s prediction a couple of bullish decoupling for bitcoin has – sadly – not come to fruition.
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