If Bitcoin heads back to $60k, over 10M coins will be underwater, which will be over 50% of the supply (an extra 500k BTC from the Feb lows that have bought in this range). 10M+ coins underwater has marked bottoms in every bear market. Because of institutional adoption and no blow-off top, Bitcoin could bottom above the 200WMA and realized price, which wouldn’t surprise me.(James Van Straten)