{"id":502390,"date":"2022-09-15T10:40:00","date_gmt":"2022-09-15T10:40:00","guid":{"rendered":"https:\/\/uniquehot.com\/?p=502390"},"modified":"2022-09-15T10:46:43","modified_gmt":"2022-09-15T10:46:43","slug":"crypto-market-hasnt-bottomed-yet-analyst-says-more-pain-ahead","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/crypto-market-hasnt-bottomed-yet-analyst-says-more-pain-ahead\/","title":{"rendered":"Crypto Market Hasn&#8217;t Bottomed Yet,  Analyst Says &#8211; More Pain Ahead?"},"content":{"rendered":"<p><strong>Notable crypto market analyst Willy Woo has just issued an appraisal on Bitcoin&#8217;s performance in the coming months or maybe year.<\/strong><\/p>\n<p>His analysis shows that the coin has not bottomed out yet.<\/p>\n<p>On Twitter, he said:<\/p>\n<blockquote><p><strong>\u201cIn terms of max pain, the market has not felt the same pain as prior bottoms. We can see this in the blue line (supply in profit by @glassnode). We have only reached 52% of coins being underwater so far. Prior bottoms were 61%, 64%, 57%,\u201d Woo said on his recent tweet detailing his analysis.&#8221;<\/strong><\/p><\/blockquote>\n<h2>Crypto Market And Its Correlation With Stocks<\/h2>\n<p>Bitcoin is highly associated with the S&amp;P 500 Index which fell after the US Federal Reserve&#8217;s CPI announcement earlier this week. The announcement highlighted the highest annual inflation rate, which was 8.3 percent.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/solana-sol-heats-up-7-in-last-24-hours\/\">Solana (SOL) Heats Up 7% In Last 24 Hours As Helium Eyes Merge<\/a><\/div>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Have we bottomed?<\/p>\n<p>In terms of max pain, the market has not felt the same pain as prior bottoms. We can see this in the blue line (supply in profit by <a href=\"https:\/\/twitter.com\/glassnode?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@glassnode<\/a>).<\/p>\n<p>We have only reached 52% of coins being underwater so far.<\/p>\n<p>Prior bottoms were 61%, 64%, 57%. <a href=\"https:\/\/t.co\/qx4cvKO7IA\" rel=\"nofollow\">pic.twitter.com\/qx4cvKO7IA<\/a><\/p>\n<p>\u2014 Willy Woo (@woonomic) <a href=\"https:\/\/twitter.com\/woonomic\/status\/06321664?ref_src=twsrc%5Etfw\" rel=\"nofollow\">September 14, 2022<\/a><\/p><\/blockquote>\n<p>This is greater than the anticipated rate of 8% for the crypto market. This tragedy has instilled the market with fear and despair. However, the market turmoil that traders and investors are experiencing is not the end of it.<\/p>\n<p>The central bank\u00a0enacted policies that boosted the economy with fresh cash early on in the global health crisis. This is referred to as quantitative easing. With inflation soaring, the Fed is reportedly mulling a 1 percent interest rate increase.<\/p>\n<p>As was the case in June, this price increase will have a negative impact on the entire crypto market. Following the Fed&#8217;s decision to raise interest rates, both the stock and cryptocurrency markets experienced a string of liquidations.<\/p>\n<p><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-502393 aligncenter\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2022\/09\/x1.png?resize=524%2C350\" alt=\"\" width=\"524\" height=\"350\"><\/p>\n<pre style=\"text-align: center\">Chart: Glassnode<\/pre>\n<p>This sell-off was precipitated by fears of an impending recession and the increase indicated. And this may occur again as the Federal Reserve pursues quantitative tightening strategies to further tackle the persistent inflation problem.<\/p>\n<h2><strong>The Small Percentage Matters In Crypto<\/strong><\/h2>\n<p>Another 1% rise might send the larger financial market crashing. As Woo stated, history does not have to repeat itself. However, it is possible that it has already begun in one way or another.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/uniswap-uni-price-struggles\/\"> Uniswap (UNI) Price Struggles To Overcome $6.8 Resistance<\/a><\/div>\n<p>The analyst\u00a0previously stated that the current low is only at 52 percent, compared to 60+ percent in recent history. If this is the current bottom, then investor and trader mood is likely to be strong.<\/p>\n<p>As of this writing, the S&amp;P 500 was trading at $3,946. If the correlation between Bitcoin and the S&amp;P\u00a0500 Index remains, any price movement, favorable or negative, will have an impact on both the broader stock and crypto markets.<\/p>\n<p>Would you say that 52% is the absolute minimum? Time will tell whether or not the Feds raise interest rates. If the Federal Reserve decides to hike interest rates, that will be the absolute low point for the currency.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-medium\" src=\"https:\/\/www.tradingview.com\/x\/SegQTvuL\/\" width=\"1834\" height=\"875\"><\/p>\n<pre style=\"text-align: center\">BTC total market cap at $385 billion on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" rel=\"nofollow\">TradingView.com<\/a>\r\n\r\nFeatured image from Medium, Chart: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" rel=\"nofollow\">TradingView.com<\/a><\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Notable crypto market analyst Willy Woo has just issued an appraisal on Bitcoin&#8217;s performance in the coming months or maybe year. His analysis shows that the coin has not bottomed out yet. On Twitter, he said: \u201cIn terms of max pain, the market has not felt the same pain as prior bottoms. We can see this in the blue line (supply in profit by @glassnode). We have only reached 52% of coins being underwater so far. Prior bottoms were 61%, 64%, 57%,\u201d Woo said on his recent tweet detailing his analysis.&#8221; Crypto Market And Its Correlation With Stocks Bitcoin is highly associated with the S&amp;P 500 Index which fell after the US Federal Reserve&#8217;s CPI announcement earlier this week. The announcement highlighted the highest annual inflation rate, which was 8.3 percent. Related Reading: Solana (SOL) Heats Up 7% In Last 24 Hours As Helium Eyes Merge Have we bottomed? In terms of max pain, the market has not felt the same pain as prior bottoms. We can see this in the blue line (supply in profit by @glassnode). We have only reached 52% of coins being underwater so far. Prior bottoms were 61%, 64%, 57%. pic.twitter.com\/qx4cvKO7IA \u2014 Willy Woo (@woonomic) September 14, 2022 This is greater than the anticipated rate of 8% for the crypto market. This tragedy has instilled the market with fear and despair. However, the market turmoil that traders and investors are experiencing is not the end of it. The central bank\u00a0enacted policies that boosted the economy with fresh cash early on in the global health crisis. This is referred to as quantitative easing. With inflation soaring, the Fed is reportedly mulling a 1 percent interest rate increase. As was the case in June, this price increase will have a negative impact on the entire crypto market. Following the Fed&#8217;s decision to raise interest rates, both the stock and cryptocurrency markets experienced a string of liquidations. Chart: Glassnode This sell-off was precipitated by fears of an impending recession and the increase indicated. And this may occur again as the Federal Reserve pursues quantitative tightening strategies to further tackle the persistent inflation problem. The Small Percentage Matters In Crypto Another 1% rise might send the larger financial market crashing. As Woo stated, history does not have to repeat itself. However, it is possible that it has already begun in one way or another. Related Reading: Uniswap (UNI) Price Struggles To Overcome $6.8 Resistance The analyst\u00a0previously stated that the current low is only at 52 percent, compared to 60+ percent in recent history. If this is the current bottom, then investor and trader mood is likely to be strong. As of this writing, the S&amp;P 500 was trading at $3,946. If the correlation between Bitcoin and the S&amp;P\u00a0500 Index remains, any price movement, favorable or negative, will have an impact on both the broader stock and crypto markets. Would you say that 52% is the absolute minimum? Time will tell whether or not the Feds raise interest rates. If the Federal Reserve decides to hike interest rates, that will be the absolute low point for the currency. BTC total market cap at $385 billion on the daily chart | Source: TradingView.com Featured image from Medium, Chart: TradingView.com<\/p>\n","protected":false},"author":557,"featured_media":502397,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1144,10923,86837,86860,3453],"class_list":["post-502390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btcusd","tag-crypto-market","tag-cryptonews","tag-interest-hike","tag-policy"],"acf":[],"yoast_head":"\n<title>Crypto Market Hasn&#039;t Bottomed Yet, Analyst Says - More Pain Ahead?<\/title>\n<meta name=\"description\" content=\"Notable crypto market analyst Willy Woo has just issued an appraisal on Bitcoin&#039;s performance in the coming months or maybe year. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. 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