The realized profit/loss chart below shows a clear bottom, to the realized loss of holders that sold. Those who have unrealized losses, won’t sell, because it would be at a loss. Also, if they would sell, they already did. So far, Bitcoin is holding on to $28,900 and creating support there. Is this a good sign? Time will tell. Here is the realized profit/loss chart:
Ultimately, the global macro environment is so bad that we don’t see how Bitcoin does’nt re-visit $25K or below in the near term. Let’s just stick to global macro. That is what is wagging the dog anyway. To see the upside in Bitcoin, we have to see across the bridge to the other side of this recession/depression the global economy is heading into. This next chart is the S&P 500 first 95 days of any year. 2022 is second worse next to 1932: