When will Bitcoin Bottom? Let's look on chain and analyse percent addresses in profit.
In previous bear markets:
- 2012 only 13% of wallets were in profit
- 2015 only 28% of wallets were in profit
- 2019 only 43% of wallets were in profit
- 2022 only 50% of wallets were in profit
- Today only 70% of wallets are in profit
One could assume that we likely need to revisit at least ~60% of wallets in profit to follow theme of increasing % addresses in profit over
$BTC bear market history.
Thus, we go lower in time.