Experts from analysis company Glassnode have come to the conclusion that the Bitcoin bear market has reached the final stage with signs of deep capitulation, however, the signals of the approaching bottom have not yet formed.
According to them, the current situation has much in common with the price decline in 2018-2019. At that time, the trend lasted 15 months with a decline of almost 85%. Before the final capitulation, the market tried for a long time to hold support at $6,000.
In 2022, this level of attraction was $30,000. After falling below this level, losses reached 40% two weeks later. The pullback compared to the peak reached by the crypto has amounted to 72.3%.
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The current decline is driven by sales, including those of long-term investors.
The company's analysts have compared the above data with a base acquisition cost of $22,300 and unrealized losses of 14% for this category of market participants.
Glassnode experts believe the main expenditure is made by those who bought Bitcoins at a much higher price, and the 2017-2020 hodlers have a minimal share in this.