Analysts predicted bitcoin consolidation in the range of $ 16,500–21 100
The course of the first cryptocurrency remains in the range of $ 16,500–21 100, reflecting the fragile balance of supply and supply. The indicators signal the absence of the transition of the initiative from the bears to the bulls and the risk of a new wave of redistribution of coins, the Glassnode analysts write.
#Bitcoin HAS Rallied Back ABOVE The Key $ 20K PSYCHOLOGICAL LEVEL AFTER MANY MONTHS of Low Volatility.
In this Edition, We Analyze How Bitcoin May Be Hammering Out a Near-Textbook Bear Market Floor and What Risks May Lay on the Road Ahead.
Experts emphasized that the formation of the bottom in 2022 may continue if it is borne from the duration of this process in the past.
Currently, digital gold quotes remain clamped between the price ($ 21,100) and a balanced price ($ 16,500) over the past three months. In 2014–2015 and 2018-2019, this period lasted 10 and 5.5 months, respectively, respectively.
Useful for assessing the growing to the growth trajectory can also be the duration of the surrender of the Hodler. The latter arises when the average cost of acquiring coins with this category of market participants falls below the sale price. In other words, long -term investors begin to “lose” the “average” investor, analysts explained.
https://gagarin.news/news/binance-is-in-hot-water-over-iran/
Currently, this period lasts 3.5 months. In the two previous bear markets, it amounted to 8 and 17 months.
An early sign of the manifestation of new demand can be considered an excess of the share of “profitable” coins as a whole of a similar metric, but in relation to Hodler. Currently, this shift has not yet occurred. The first indicator is 56%, the second is 60%. To intersect their values, “fresh” purchases and overcoming the price of $ 21,700 will be required, experts appreciated.
A similar signal can be evaluated not only from the point of view of unrealized profits/losses, but also based on the financial result on the expenses of coins by owners. 90-day sliding average of this ratio is 0.57. In other words, investors continue to mainly record losses.
A new wave of tributary of capital and fixation has not yet exceeded the scale of the losses of sellers. The metric remains below 1 over the past 125 days, which is less than 375 and 263 days in previous bear markets.
Recall that in October, Glassnode analysts examined the bull and bear script for bitcoin.
Previously, Trader Tone Weiss predicted the increase in the price of the first cryptocurrency up to $ 100,000 in 2023 amid the approaching halving.
Read the FORKLOG Bitcoin News in our Telegram-cryptocurrency news, courses and analytics.