Bitcoin Price May Not Have Reached Cycle Low Yet, Technical Indicator Suggests

A technical indicator used to track the performance of Bitcoin's long-term holders is currently showing signs that the asset may not have yet reached its cycle low.

The metric, known as long-term holder supply in loss, has been a reliable predictor of every cycle bottom for Bitcoin. However, its current reading suggests that the price is still building toward the conditions where bottoms form.

According to an analysis by crypto analyst Ardi, the long-term holder supply in loss metric currently sits at approximately 29%. This figure is meaningful in two directions: it confirms that conditions are deteriorating and there's still a large share of holders that would move into loss if prices decline further.