Bitcoin (BTC<\/a>) may not be at a good value enough for a macro price bottom, according to analysis from CryptoQuant.<\/p>\n In a blog post on Dec. 29, a contributor to the on-chain analytics platform flagged<\/a> one BTC price indicator with further left to fall.<\/p>\n At nearly 80% below all-time highs, BTC\/USD is nearing the zone in which it bottomed during previous bear markets.<\/p>\n As CryptoQuant\u2019s MAC_D notes, there is no shortage of instruments<\/a> pointing to the 2022 bear market bottom already forming.<\/p>\n Despite this, however, the signs are not yet unanimous, and pointing to transactions in profit and loss, he warns that cheaper BTC prices may still enter.<\/p>\n CryptoQuant\u2019s unspent transaction outputs (UTXOs) in profit and loss indicator currently shows around 30% of transactions performed at a loss.\u00a0<\/p>\n \u201cWhen the UTXOs in Profit and Loss indicators were crossed, the floor was formed during the past three BTC Halvings,\u201d MAC_D explains. <\/p>\n \u201cCurrently, however, this indicator does not show a cross, and does not show that the BTC is undervalued.\u201d<\/p><\/blockquote>\n An accompanying chart shows previous crosses occurring only rarely \u2014 in June 2016 and May 2020. The latter came in the aftermath of the COVID-19 cross-market crash in March 2020 and also coincided with Bitcoin\u2019s latest block subsidy halving event.<\/p>\n \u201cIt will provide a clear buying timing when the cross is generated,\u201d MAC_D concluded.<\/p>\n \u201cTherefore, the BTC is likely to fall further, and spot hedging and down trend trading are required.\u201d<\/p><\/blockquote>\n CryptoQuant is far from alone when it comes to concerns that BTC price action may get worse before it gets better.<\/p>\n Related:\u00a0Bitcoin low volume sparks BTC price warning as metric hits \u2018value zone\u2019<\/a><\/em><\/strong><\/p>\n Among popular traders, various theories call for a much deeper bear market bottom than current spot prices, this potentially coming in at $10,000 or lower<\/a>.<\/p>\n As a potential silver lining, Q1 2023 should see the start of a recovery, with $22,000 even acting as a magnet for bulls<\/a> later on.<\/p>\n BTC\/USD is trading below $16,500 at the time of writing, data from\u00a0Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0shows,\u00a0having hit its lowest levels in over a week before the start of the final Wall Street trading session of the year.<\/p>\n The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\nProfitability indicator lacks key cross<\/h2>\n
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Max pain yet to come, say traders<\/h2>\n
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