"Bitcoin floor seen at $46,000–$54,000…further downside possible"

An analysis suggesting Bitcoin (BTC) has a floor between $46,000 and $54,000 has raised the possibility of a deeper decline.

On the 29th (local time), crypto (cryptocurrency) analyst Willy Woo said that, based on on-chain models, Bitcoin’s floor range is around $46,000 to $54,000. He noted in particular that the CVDD floor model is forming around $45,500 and is showing a gradually rising trend.

In addition, an indicator representing capital stored in Bitcoin (the orange line) has been shown to be on a downtrend since November last year.

He stressed the limitations of these models as well. “On-chain models are based on historical data, but Bitcoin has only experienced four bear markets so far, and those occurred within a long-term bull market environment for risk assets, which limits the scope of analysis,” he said.

Willy Woo added, “If these assumptions break down, the market could enter a deeper and uncharted bearish phase.”