BEARISH 📉 : Bitcoin faces potential 75% drawdown, risk of deeper correction

Bitcoin Price Struggles

Bitcoin is struggling to surpass the $70,000 resistance zone, indicating risks of a deeper correction.
Market analyst Yonsei_dent highlights potential bearish trends based on recent metrics.

Supply In Profit Metric Indicates Possible 75% Drawdown

Yonsei_dent's analysis on CryptoQuant suggests a significant drawdown using the Supply In Profit indicator.
Bitcoin has lost over 45% since October, dropping from an all-time high of $126,000 to $60,000.
The Supply In Profit measures the portion of Bitcoin with a market price above its last moved price.
Historical data shows extreme highs and lows in this metric can indicate cycle tops and bottoms.
A potential bottom phase could see Bitcoin prices between $31,500 and $38,000, indicating a further 41%-51% decline.

Bitcoin is currently trading at $63,553, experiencing a 5.84% loss in the past 24 hours.
Daily trading volume increased by 0.54%, valued at $40.04 billion.
Weekly and monthly losses are 6.21% and 27.11%, respectively.
The failure to break the $70k resistance leaves market sentiment fragile, with potential for further declines or consolidation.

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