Cathie Wood’s ARK Investment Management analyst Yassine Elmandjra analyzed on social media that risky assets such as Bitcoin may continue to suffer losses due to unfavorable macro conditions (such as economic recession, the Fed continues to raise interest rates, etc.).
Yassine Elmandjra analyzed two metrics, one is Net Unrealized Loss (NUPL), a 17% drop in this metric suggests that Bitcoin may be in for another correction, according to Elmandjra, NUPL had fallen to around 25% at the bottom of previous market cycles .
The other is the 200-week moving average, which Bitcoin fell below for the first time in this bear market on a short- and long-term cost basis, suggesting that the king of cryptocurrencies may be approaching another generational bottom.