Bitcoin (BTC) could have already seen a price bottom or be “really close” to one, analysts believe after eyeing new data this week.
In a Twitter thread on June 22, well-known indicator creator David Puell revealed what he argues “looks interesting” about current Bitcoin buying and selling.
“High likelihood” bottom is in
With many sources calling for BTC/USD to dip to $14,000 or lower, bullish takes on current price action are few and far between.
For Puell, however, the dynamics between long-term (LTHs) and short-term holders (STHs) hint that the situation is not necessarily as bearish as many fear.
Highlighting the cost basis for each group, Puell showed that those who have been in the market longer paid less as a whole for their BTC than recent investors.
With Bitcoin at multi-year lows, the pain thus lies with STHs more than LTHs. Capitulation selling from the former could thus have already expressed itself.
“imo, high likelihood