The king cryptocurrency today once again exceeded $64,000, experiencing an approximate $4,000 increase in the last 24 hours. It was strong in the ETF channel during the early hours, and today’s entry data could increase volatility in the coming hours. Has the surprise drop before the halving ended? Cryptocurrency experts are analyzing the current situation.
Will Cryptocurrencies Rise?
Bitcoin was finding buyers at $63,000 as this article was prepared. Julio Moreno, the research director at CryptoQuant, highlighted an important detail about Bitcoin‘s current situation today. According to CryptoQuant data, investors reached a break-even point when the BTC price returned to $60,000. Moreno wrote about this;
“Investors’ Bitcoin selling pressure may be decreasing because unrealized profit margins are essentially zero.”
Investors who bought Bitcoin less than 155 days ago will now have to limit their sales. The following chart shows the current situation of short-term investors.
“The realized price of investors (pink line) served as support for prices during the bull market and is currently around $60,000.”
If the research director of CryptoQuant is correct, we should see Bitcoin’s price moving towards $67,000 and $69,000 in the coming days.
Cryptocurrency Commentary
As mentioned in the first section, the cost figure for short-term investors has historically become the focus of bottoms. Especially recently, since the end of the 2022 bear market to date, the STH cost level has consistently been supportive for the markets. Even if there are short-term closures below it, it may not be possible to spend a long time in the region according to historical data.
Popular cryptocurrency analyst Rekt Capital recently published his latest market update stating that the buying opportunity has already arrived. In fact, if this rise does not bring a drop to yesterday’s levels, the maximum opportunity may already be missed.
“So far, a deep 10-day retreat of 18% Depth-wise, based on the retreats in this cycle (up to a maximum depth of -23%), it offers a good buying opportunity. However, in terms of time, this is still one of the shortest retreats in this cycle (currently only 10 days long). Previous retreats lasted 2-3 weeks and at most two months.”
