Bitcoin (BTC) has spent over a year in a downtrend since its $69,000 all-time highs in November 2021.
BTC price performance has given investors up to 77% losses, but how much lower can BTC/USD really go?
Bitcoin traders and analysts have long agreed that 2022 is the year of the largest cryptocurrency’s newest bear market.
After coming off all-time highs to start the year at around $46,000, BTC/USD has offered little relief and has since returned to levels not seen since November 2020, data from Cointelegraph Markets Pro and TradingView confirms.
That has placed the pair in historical bear market bottom territory — having lost a maximum of around 77% since the most recent peak, Bitcoin could have little room left to fall.
This time, however, may be different. Cointelegraph takes a look at what some of the most popular crypto market commentators think when it comes to where Bitcoin will bottom.
One well-known social media personality is sticking by a theory from earlier in 2022 — and it’s all about one particular on-chain metric.
For CryptoBullet, Cumulative Value Days Destroyed (CVDD) still offers a key insight into macro BTC price bottoms.
CVDD essentially counts how much “hodled” days a coin has accumulated when it moves to a new wallet. It is expressed as a ratio to the overall age of the market, divided by 6 million, which analytics resource Woobull explains is a “calibration factor.”
Looking back in time, CVDD has acted as a significant line in the sand, and if this time is no different, BTC/USD could already be giving buyers the best possible profit opportunity.
According to Woobull, CVDD currently lies at around $15,900.
“I feel comfortable buying Bitcoin here at CVDD,” CryptoBullet told Twitter followers on Nov. 26.
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