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Crypto analyst and strategist, the anonymous host of InvestAnswers, has indicated an expectation of a rise in Bitcoin (BTC) price next month as a result of a key bullish catalyst.
Eyes on Bitcoin’s Realized Price
In his latest strategy video shared on YouTube, the anonymous analyst claimed that a historical bullish signal is on the brink of rekindling. According to him, Bitcoin has always entered an uptrend whenever its Realized Price (RP) climbs above the Realized Price of long-term holders (LTH RP).
Here, RP is calculated by dividing the value at which all BTCs were purchased by the number of coins in circulation. LTH RP, on the other hand, represents the average purchase price on-chain of coins that have remained stagnant and held outside of crypto exchange reserves for the last 155 days.
“There’s a Bitcoin catalyst a lot of people are talking about right now,” the anonymous host of InvestAnswers said. “If you look at this Glassnode chart, the blue line represents the Realized Price of long-term holders, and the yellow line is Bitcoin’s Realized Price. The reason this is a bullish catalyst is that the Realized Price is ahead of the long-term holders’ Realized Price by about $600. Whenever RP surpasses LTH RP, that is, every time the blue line goes above the yellow line, there has always been a significant rally.”
Attention June
Historically, this transition has predominantly occurred in June, heightening the probability of a similar occurrence next month: “Now, another really interesting thing about this is, apart from 2012 when Bitcoin was very new, this mostly happens in June. It happened in August 2012. It happened in June 2016. It happened in June 2019. Will it happen in June 2023? This is definitely something to keep an eye on. If it does happen, there will be a rally afterwards. Do you remember 2020? People say, ‘But the price can go down afterward.’ That downturn was due to COVID-19. For the rest of the year, the price only went up. That’s why you should closely monitor the Realized Price of long-term holders, which we expect Bitcoin’s Realized Price to surpass. Remember, we’re very close to this change right now. This will be exciting. That’s why I titled today’s video ‘The Next Bitcoin Catalyst.’ Now it’s time to rocket.”
Many people say, ‘Sell in May and go.’ However, considering that we expect the historical bullish signal to ignite in June, selling or shorting Bitcoin in May would definitely be a mistake if it really happens.”
