Is Bitcoin’s Recent Performance a Sign of Another Black Swan Event, Similar to the COVID-19 Crash of 2020? 👀
Bitcoin's recent price performance has raised concerns with on-chain data suggesting similarities to the March 2020 COVID-19 crash.
CryptoQuant reports a surge in loss-making unspent transaction outputs (#UTXOs ), indicating that more BTC is currently worth less than when originally acquired, a situation not seen since March 2020 when BTC/USD dropped by 60%.
This trend, where 38% of UTXOs are in loss, could signal market anxiety and a potential selling spree.
However, no significant capitulation event has occurred yet, and #bitcoin remains within a tight price range. Observers speculate whether another "Black #Swan " event is underway, similar to March 2020.
