Experts Say Cryptomarket Hasn't Bottomed Out Yet

Over the previous day, the market capitalization of all cryptocurrencies fell below the critical $1 trillion threshold by another 7%. 

It is currently $996.2 billion. However, experts predict that investors will endure more suffering in the future.

Will the cryptocurrency market fall even further?

Famous cryptocurrency expert Willy Woo claims that short-term holders have a lower cost basis than long-term investors during previous bottoms. He contends that the cryptocurrency market is almost there but not quite there. He continued by pointing out that the same area where 2019 reached its bottom was where the crypto market finally capitulated in 2015.

Woo hypothesised that the cryptocurrency market has not suffered as much as in prior years. He emphasised that only 52% of the coins on the market are currently underwater. The most recent bottoms, however, were 61%, 64%, and 57%.

He said that this time, history need not be repeated. Up until this point, the On-chain has not been selected for future hedging.

Woo does, however, imply that he is keeping an eye out for certain signals before rotation money turns back in. All of the previous bear crypto market bottoms saw a break in the supply in profit trend line.

How did CPI statistics impact the market?

In addition, he said that it was important to estimate the buildup when coins are transferred from sellers to eager buyers. According to the data, the cryptocurrency market has not yet accumulated to the same degree as previous bottoms.

Bitcoin prices have decreased by about 10% since the Consumer Price Index data was made public. At the time of publication, the average price of BTC is $20,249. The 24-hour trading volume of bitcoin has decreased 17% to $40.7 billion.

The bitcoin market did not fare well with the CPI report. Inflation is at 8.3% year over year. It is more than the anticipated 8.1%, though. Even though the fundamental data is worse than anticipated.