The cryptocurrency market has experienced significant turbulence in recent days. The Bitcoin market leader rose from a low of $18,000 on September 7 to $22,000 last night (September 13). But since then, BTC has reversed course and is currently trading around the $20,300 mark. Bitcoin prices are down about 10% since the Consumer Price Index data was released.
The bitcoin market has not fared well with the CPI report. Inflation is 8.3% year-on-year. However, this is more than the 8.1% expected. Even if the fundamental data is worse than expected.
History doesn’t need to be repeated
Famous cryptocurrency expert Willy Woo said that short-term holders have a lower cost base than long-term investors at previous lows. He argues that the cryptocurrency market is almost there but not quite there.
He went on to point out that the same area where 2019 bottomed was where the crypto market finally capitulated in 2015. Woo speculated that the cryptocurrency market didn’t suffer as much than in previous years. He claimed that only 52% of coins on the market are currently underwater. The most recent lows, however, were 61%, 64% and 57%.
He said that this time history does not need to be repeated. So far, the online channel has not been selected for future coverage. Woo implies, however, that he is watching for certain signals before the spin money returns. crypto market low bear saw a supply break in the earnings trendline.
Additionally, he said it is important to estimate the accumulation when coins are transferred from sellers to willing buyers. According to the data, the cryptocurrency market has not yet accumulated to the same degree as previous funds.
At press time, the price of BTC was $20,190 and the coin was down over 2%. .