Bitcoin has performed tremendously since the beginning of 2023, reaching $31,000 on April 14. However, BTC, which has been falling since its peak of $ 31,000, continues to consolidate in a certain range after this date.
At this point, while investors were waiting for Bitcoin to rise above $ 30,000 again and make new ATHs, analysts made evaluations on the actual price of BTC.
According to the report of Coindesk, Glassnode's data shows that the realized price of Bitcoin will exceed the average BTC purchase price of long-term investors.
Stating that this situation points to a long upward period, analysts said that BTC's rally since the beginning of 2023 may be the first milestone on the path to rise.
Historically, the realized price of BTC above the average purchase price of long-term investors is interpreted as signaling the end of bear markets and the beginning of major price rallies.
Blockware Solution analysts made the following statements in their report:
“Looking at the average BTC purchase price of long-term investors and the actual price of BTC, these two prices are approaching a bullish cross that accurately marks previous bear market bottoms.
In other words, the realized price of Bitcoin is preparing to exceed the average BTC purchase price of long-term investors. This is seen as a bullish signal."
Stating that the intersection between these two prices historically took place in June 2019, May 2016 and September 2012, analysts said that bull runs started after these dates.
Bitcoin continues to trade at $ 27,016 at the time of writing.
*Not investment advice.
