Bitcoin Reversal Will Happen At This Price Target, Quant Explains
Summary
Bitcoin has dropped below $39,000. The "Supply in Loss" metric, measuring the percentage of Bitcoin supply held at a loss, has spiked to around 20.87%. Historically, when this metric hits around 23.35%, Bitcoin tends to rally. The analyst suggests a potential reversal for Bitcoin once it revisits price levels between $36,000-$37,000. Currently, Bitcoin is trading at around $38,700, down almost 10% in the past week.
