How low can the Bitcoin price go?

Bitcoin is a "buy the dip" opportunity with the BTC price at $16,000 or a bear market capitulation awaiting, depending on who you ask.

Bitcoin (BTC) has spent more than a year in a downtrend since its all-time highs of $69,000 in November 2021.

BTC price performance gave investors up to 77% losses, but how low can BTC/USD really go?

Bitcoin traders and analysts have long agreed that 2022 is the year of the biggest cryptocurrency's most recent bear market.

After hitting all-time highs to start the year at around $46,000, BTC/USD offered little relief and has since returned to levels not seen since November 2020, Cointelegraph data confirms Markets Pro and TradingView.

This has placed the pair in historically low bear market territory - having lost a maximum of around 77% since the last peak, Bitcoin may have little room to fall.

This time, however, may be different. Cointelegraph takes a look at what some of the most popular crypto market commentators think when it comes to where Bitcoin will bottom.

A well-known social media personality sticks to a theory from early 2022 – and it's a particular metric on the channel.

For CryptoBullet, Cumulative Value Days Destroyed (CVDD) still offers key insight into BTC macro prices.

CVDD basically counts the number of hodled days a coin has accumulated when it is transferred to a new wallet. It is expressed as a ratio of the overall age of the market divided by 6 million, which according to analytics resource Woobull is a "calibration factor".

Looking back over time, CVDD has acted as an important line in the sand, and if this time is no different, BTC/USD might already be giving buyers the best possible profit opportunity.

According to Woobull, the CVDD is currently around $15,900.

"I feel comfortable buying Bitcoin here at CVDD", CryptoBullet