The crypto market is doing its best to recover following the recent price losses. Bitcoin is still being surrounded by all kinds of optimistic predictions, and the latest one can be seen below.
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $20,148.
Bitcoin price prediction
News BTC notes that recently, the market has seen a strong correction due to the Bitcoin price bull run of the past several days. On December 7, 2020, the price hit a low of $19,030.09, which is considered to be a new all-time low.
On the other hand, the appearance of a double bottom pattern has led to an optimistic outlook on this correction.
Bitcoin can rebound, according to the same notes. “Obviously, there will be some challenges along the way. The Bitcoin price present momentum is one of the cryptocurrency’s major challenges,” the same online p publication notes.
The online publication mentioned above notes that “the current momentum is merely reversing the past downward trends, thus it may not be enough to break through the $25,000 price level, according to latest analyses.”
Willy Woo on Bitcoin
The popular on-chain analyst Willy Woo says that Bitcoin (BTC) hasn’t bottomed out yet based on under-the-radar metrics.
The analyst said that Bitcoin has not seen the same pain as previous bear markets when looking at the BTC market’s cost basis metric, which can show how many coins are underwater from the time of purchase.
“Have we bottomed?
In terms of max pain, the market has not felt the same pain as prior bottoms. We can see this in the blue line (supply in profit by glassnode).
We have only reached 52% of coins being underwater so far.
Prior bottoms were 61%, 64%, 57%.”
Stay tuned for more news from the crypto space, and keep your eyes on the market.