BlockBeats message, March 30, crypto analyst Willy Woo said that some traditional on-chain models show that Bitcoin’s bottom is roughly between $46,000 and $54,000, while also implying that more time may still be needed. The capital amount stored in BTC has been flowing out since November. However, it should be noted that these models also have limitations.
These models are based on historical behavior, and in Bitcoin’s history there have only been 4 bear markets, all occurring against the backdrop of a long-term bull market in risk assets. If this foundation is broken, we could enter unknown territory (a deeper bear market). Finally, in my personal view, given that the long-term bull-market structure at the global macro level may break, the probability of a deeper bear market is quite high.
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