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Bitcoin (BTC) hodlers may need to triple their on-chain losses for BTC price to put in a macro low.

According to market research firm Baro Virtual, the 2022 bear market is not yet harsh enough to match historical downtrends.

Bitcoin losses “only” total $671 million

With analysts predicting a return to $14,000 or lower for BTC/USD, the question of where Bitcoin will bottom is one of the hottest topics in the space this month.

For Baro Virtual, which analyzed data from on-chain analytics platform Whalemap, it may be a matter of simple arithmetic.

Taking Whalemap’s moving profit and loss (MPL) figures for on-chain BTC transactions, it noted that in the past, macro BTC price bottoms occurred once those transactions’ losses were equal to or more than the equivalent profits in the bull run which preceded them.

In other words, on-chain losses need to equal or exceed on-chain gains from the prior bull run. Otherwise, in most

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