Veteran Analyst Explains Why Bitcoin Is Not Profitable

A prominent Bitcoin analyst shares his thoughts on why BTC is struggling to maintain its upward trend.

Bears are crushing the markets and the selling pressure of Bitcoin is still outstripping demand and buying.

“Why isn't Bitcoin working?” asked the analyst and founder of the stock-to-flow model PlanB on Wednesday.

It's 50% sell off OGs hurt in 2021, technical investors watch RSI [relative strength index]and proponents of the four-year cycle expect a bear market to halve after two years. The other 50% is buying from investors looking at fundamentals, institutional, TradFi and banks.

He said, “It's an epic battle … until the salespeople are out of business.”

Bears are beating bulls.

The truth is that the bears are currently winning the battle, but not the war. Bitcoin has dropped to an all-time high of about 31%, but such a correction is unusual and has been seen many times in previous cycles.

“Bitcoin could definitely go lower than this, but it's not my bottom line,” said crypto entrepreneur Joe Consorti.

In the year He added that in late 2018, when the asset was oversold in the weekly timeframe, it dropped another 44%. In the year In 2022, the same scenario showed a 54 percent decrease.

“If a real bear market is going on, things could get worse.”

However, “bottom formation will take time” before BTC can “cut below and form here” as it did in September 2024 and April 2025.

Bitcoin can definitely go lower than this, but that's not my bottom line.

When BTC was oversold on this weekly timeframe at the end of 2018, it dropped another 44% – in 2022, it dropped another 54%.

If a real bear market is underway, things could be much worse.

Bitcoin can be hacked…

— Joe Consorti (@joeconsorti) December 16,

You may also like:

Meanwhile, Bloomberg Intelligence Senior Commodity Strategist Mike Magglone was extremely bullish, saying, “I expect Bitcoin to return to $10,000. A decline below the last cycle around $15,000 is highly unlikely and could signal the end of the road for all crypto assets.”

However, Bitcoin is currently at the start of a long streak of “extreme fear,” according to the Fear and Greed Index and market watchers.

Bitcoin Price Outlook

Bitcoin recovered slightly from Monday's lows of $85,000, briefly approaching $88,000 on Tuesday.

However, there was not enough buying pressure at these levels, causing the asset to fall to $87,500 in the Asian trading session on Wednesday morning.

Zoom shows that BTC has been range-bound for the past month, following sharp declines in October and November. This can be the bottom or last sticking point to support before another crash occurs.