Bitcoin has realized $2.3 billion in losses, one of the largest capitulation events in history. The seven-day average net losses reached $2.3 billion, putting it in the top 3-5 loss events ever recorded. Bitcoin has dropped nearly 50% from its all-time high to trade around $66,600.

IT Tech predicts a deep and slow bleed-out for Bitcoin, despite relief rallies. Historically, extreme loss spikes trigger rebounds, but this could be the start of a prolonged bear market. The bear market bottom is historically tied to Bitcoin’s realized price, currently at $55,000.

Analysts suggest more time is needed for Bitcoin to reach the bottom. Nick Ruck believes the recent capitulation reflects intense panic and washout among short-term holders. Recovery may require additional time and signals from metrics like sustained institutional buying. Potential support is expected in the $40,000 to $60,000 range.

Read more at Cointelegraph: Bitcoin Posts $2.3B Loss In Historic Capitulation Event