2023-2024 Bitcoin (BTC) buyers in danger below this price level
- PHPzOriginal
- 2024-07-11 13:38:061114browse
The Bitcoin (BTC) community should be watching closely the level of $46,400 per coin. This milestone is the average price the orange coin was purchased at last year.
CryptoQuant materials indicate that the average price at which people purchased BTC in 2023-2024 is $46,400. This level, which is being closely watched by the community, also marks the peak of Bitcoin's mid-January 2024 rally, sparked by the approval of a spot Bitcoin ETF in the US.
As the price approaches this critical point, the analyst, known as @AxelAdlerJr on X, anticipates a scenario where panic will set in among market participants. He suggests that close attention should be paid to whether large holders will utilize this opportunity to buy the dip.
However, the analyst also highlights that buyers are still far from being exhausted, with major players holding a nine-digit sum in U.S. Dollar Tether (USDT) across various chains.
Earlier this year, the analyst pointed out the influx of fresh capital in Q1, 2024, which is expected to propel the next "parabolic" bull run for the BTC price.
As Bitcoin trades at $45,000, Charles Edwards discusses "normal pullbacks" in the market
Some renowned experts believe that Bitcoin might drop even lower than the yearly purchasing average in a "normal" move.
For instance, Charles Edwards, the founder of Capriole Investments and the author of the $100,000 "Energy Value Model" of the Bitcoin price, will be comfortable even with BTC at $45,000 as such moves are considered standard in this market.
In the macro view, each cycle of the Bitcoin price has five-six pullbacks, losing 35-45% per each. Thus, this correction might look "healthy" once BTC stays above $43,920.
At the moment, BTC has partially recovered, adding 2.52% in the past 24 hours. The Bitcoin price is trading at $56,730 on major spot exchanges at the time of writing.
The above is the detailed content of 2023-2024 Bitcoin (BTC) buyers in danger below this price level. For more information, please follow other related articles on the PHP Chinese website!