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Joao Wedson observes that the current Bitcoin bear market ranks as one of the most severe in the cryptocurrency's history.
According to Joao Wedson, the percent of Bitcoin's supply that is currently at a loss has returned to levels last seen in November 2022, indicating that a significant portion of circulating coins is now underwater.
Earlier this month, Wedson suggested Bitcoin’s price bottom could arrive before the launch of GTA 6, citing expected changes in market sentiment after the game's release (link). In a separate analysis, he warned that $1.4 billion in Bitcoin positions could face liquidation if the price drops to $53,500 as traders add leverage (link). These observations follow continued volatility across Bitcoin markets.