On-chain indicators are simply too bullish to permit a deeper price plunge, analysts argue, with Bitcoin set to remain a trillion-dollar asset.
Bitcoin (BTC) is seeing a tsunami of new user adoption as a backdrop to prices likely bottoming at around $52,000, say analysts.
In a series of tweets on April 20, statistician Willy Woo led calls for calm about Bitcoin's recent price dip and subsequent lingering $9,000 below recent all-time highs.
$1 trillion cap has created new "line in the sand"
Reiterating previous assertions, Woo argued that buyer support had firmly established Bitcoin as a trillion-dollar asset and that BTC/USD would, therefore, not fall much below the equivalent spot price to maintain it — around $53,000.
"This revisit of lower price has created incredibly strong price validation for Bitcoin about $1T cap.