Bitcoin 'not undervalued yet' says research as BTC price drifts nearer $16K
An indicator tracking transactions in profit and loss is yet to repeat its traditional bear market bottom sequence, says CryptoQuant. Bitcoin (BTC) may not be good value enough for a macro price bottom, according to Analysis from CryptoQuant. In a blog post on Dec. 29, a contributor to the on-chain analytics platform flagged one BTC price indicator with further to fall. Profitability indicator lacks key cross At nearly 80% below all-time highs, BTC/USD is nearing the zone in which it bottomed during previous bear markets. As CryptoQuant's MAC_D notes, there is no shortage of instruments pointing to the 2022 bear market bottom already forming. Despite this, however, the signs are not yet unanimous, and pointing to transactions in profit and loss, he warns that cheaper BTC prices may still enter. CryptoQuant's unspent transaction outputs (UTXOs) in profit and loss indicator currently shows around 30% of transactions performed at a loss. "When the UTXOs in Profit and Los...