Crypto Market Hasn’t Bottomed Yet, Analyst Says – More Pain Ahead?

Notable crypto market analyst Willy Woo has just issued an appraisal on Bitcoin’s performance in the coming months or maybe year. His analysis shows that the coin has not bottomed out yet. On Twitter, he said: “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%,” Woo said on his recent tweet detailing his analysis.” Crypto Market And Its Correlation With Stocks Bitcoin is highly associated with the S&P 500 Index which fell after the US Federal Reserve’s CPI announcement earlier this week. The announcement highlighted the highest annual inflation rate, which was 8.3 percent. Related Reading: Solana (SOL) Heats Up 7% In Last 24 Hours As Helium Eyes Merge 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%. pic.twitter.com/qx4cvKO7IA — Willy Woo (@woonomic) September 14, 2022 This is greater than the anticipated rate of 8% for the crypto market. This tragedy has instilled the market with fear and despair. However, the market turmoil that traders and investors are experiencing is not the end of it. The central bank enacted poli...