As you can see in the graph, the quant has marked the relevant trend zones for the Bitcoin supply in profit relative to the lows. It looks like whenever the value of the metric has approached 40% or less, a bottom has formed in the previous bear market.
The current value of the indicator is at the level of 52%, which is still higher than the value required to reach this historical ground zone. This means that a larger part of the supply still has to suffer losses before a bottoming can take place, which would only be the case if the BTC falls even further.
Last month, when Bitcoin fell to a low of about $ 17,600, the share of the supply in the loss reached more than 50%, but was still less than the required 60% threshold.
