Bitcoin (BTC) Could Be On The Verge Of a 30% Gain, Here’s Why
2024年7月19日 - 10:30AM
NEWSBTC
Bitcoin seems on the verge of a massive breakout as it nears a
crucial bull market trendline that broke in June last year. From a
technical perspective, this development is an important step for
Bitcoin to re-enter a price point that has traditionally opened the
door to massive gains. Related Reading: Why Did The German
Government Sell Off 50,000 Bitcoin In 2 Weeks Indicator of Market
Recovery According to on-chain analytics firm CryptoQuant, the
latest swing in Bitcoin price is attempting again to retest
Short-Term Holder (STH) Realized Price — which serves as one of the
most critical sentiment indicators for understanding market
directions. J. A. Maartunn, a contributor at CryptoQuant revealed
that when considering the price discovery dynamic of Bitcoin, this
STH realized price is truly important. For short-term holders
(holding Bitcoin for less than 155 days), this is the average cost
basis of all Bitcoin owned. In the past, the STH realized price has
served as a reliable support level to aid the prediction of
possible bounce price levels during a bull market. Currently, the
Bitcoin market is going through yet another substantial test of
this trendline, with recent movements hinting at a reattainment of
this crucial level. Maartunn discloses that the current market
behavior where Bitcoin has successfully reclaimed the STH realized
price is a “positive sign,” indicating a possible accumulation
phase among short-term holders. The analyst also mentions that this
situation typically gives birth to more buying as investors aim to
average down or increase their positions at the same price they
entered initially. Particularly, since early 2023, Bitcoin has
reclaimed the STH realized price twice, each time followed by at
least 30% gains, according to Maartuun. This suggests that as the
asset has now reclaimed the STH realized price again, a substantial
rally to the upside might just be on the horizon. Bitcoin
Challenges and Opportunities Ahead However, it’s not all smooth
sailing. Recent data from another prominent on-chain analytics
firm, Glassnode, suggests several roadblocks short-term holders
face. Over the past month, 66% or more of Bitcoin (BTC) holdings
have now gone underwater for this group at current price levels,
according to the latest report by Glassnode. That represents one of
the largest deteriorations of short-term holder profitability in
history, which means a lot of buyers at the top have lost a
significant amount. Adding to this sentiment, Santiment has
recently reported that “Bitcoin’s amount of holders (any wallets
with >0 coins) have been dropping aggressively.” According to
Santiment, “traders still seem to believe the March ATH was as good
as it’s going to get in 2024.” Related Reading: Behind Bitcoin’s
Surge Above $64,000: Here Are The Key Drivers of the Current Rally
Although it’s not all grim, the market intelligence platform also
revealed, “When we see mass liquidations like this, the probability
of a continued rebound only increases.” 👋 Bitcoin’s amount of
holders (any wallets with >0 coins) have been dropping
aggressively as traders still seem to believe the March ATH was as
good as it’s going to get in 2024. When we see mass liquidations
like this, the probability of a continued rebound only increases.
pic.twitter.com/YTHEFTtfhY — Santiment (@santimentfeed) July 17,
2024 Featured image created with DALL-E, Chart from TradingView
Bitcoin (COIN:BTCUSD)
過去 株価チャート
から 8 2024 まで 9 2024
Bitcoin (COIN:BTCUSD)
過去 株価チャート
から 9 2023 まで 9 2024