- BTC breached the $ 27,900 mark, which led to the anticipation of big gains.
- Short-term holders may be back in profit.
Bitcoin [BTC] can be in for a bullish pivot in the near term if the predictions of well-known on-chain sleuth Ali Martinez were to be trusted.
Read Bitcoin’s [BTC] Price Prediction 2023-24
Is Bitcoin ready for a bull market?
The king coin rose to nearly $30,000 earlier this week after an unverified claim by a popular news platform went viral. Although it retreated from the highs, Bitcoin consolidated in the $28,000 zone and hasn’t slipped below, per data from CoinMarketCap.
However, of particular interest were the levels that Bitcoin breached in the dramatic episode. As per an X post dated 18 October, Martinez highlighted that the world’s largest cryptocurrency broke through the “crucial psychological benchmark” of $27,900.
He went on to state that if BTC manages to stay above this level, bullish market forces would get emboldened.
Source: @ali_charts/Glassnode
Significance of the level
The critical price point highlighted was the short-term holder cost basis or the Short-term Holder Realized Price (STH RP). The STH RP calculates the average price at which Bitcoin was purchased by investors who held their holdings for less than 155 days.
It has historically served as a reliable support level during strong uptrends. This is because previous breaches of this level injected considerable bullish strength into Bitcoin.
The STH RP, therefore, has been a barometer of market sentiment. A possibility of previously underwater short-term holders tasting profit implied a decisive shift toward a bull market.
As of this writing, just about 12% of Bitcoin’s total circulating supply was in the hands of short-term holders. However, since these players are the first to respond to market volatility, their behavior exerts a bigger impact on Bitcoin’s price movements. Long-term holders (LTH) on the other hand stay unmoved during intermittent bouts of rallies and crashes.
Source: Glassnode
Is your portfolio green? Check out the BTC Profit Calculator
The market sentiment was in the balance, as per the latest update from the Fear and Greed Index. With bears and bulls locked in a close tussle, key price points as discussed above could be the key to speculating on Bitcoin’s next moves.
Bitcoin Fear and Greed Index is 52. Neutral
Current price: $28,492 pic.twitter.com/EJdXHexJYg— Bitcoin Fear and Greed Index (@BitcoinFear) October 19, 2023
how to buy cheap clomiphene without dr prescription can you buy cheap clomiphene without insurance can you buy clomiphene without insurance cost of clomiphene price buy generic clomid price get clomiphene online where can i buy generic clomiphene no prescription
Facts blog you have here.. It’s intricate to on great quality writing like yours these days. I really appreciate individuals like you! Go through mindfulness!!
buy zithromax cheap – order metronidazole 200mg for sale metronidazole generic
order rybelsus 14mg – periactin 4mg usa periactin 4 mg sale
cheap domperidone – buy generic motilium cyclobenzaprine cheap
zithromax without prescription – brand tinidazole 500mg buy generic bystolic
order augmentin 375mg sale – atbioinfo acillin ca
esomeprazole 20mg pill – anexamate.com buy nexium pills
medex generic – https://coumamide.com/ buy cozaar no prescription
brand meloxicam 15mg – mobo sin purchase meloxicam online
buy prednisone 40mg online cheap – arthritis prednisone usa
can you buy ed pills online – https://fastedtotake.com/ buy erectile dysfunction drugs
buy amoxicillin medication – comba moxi amoxil order online
buy fluconazole 200mg online – https://gpdifluca.com/# buy fluconazole online
order cenforce 50mg generic – https://cenforcers.com/ buy cenforce 50mg pills
tadalafil generic in usa – https://ciltadgn.com/# cheap canadian cialis
tadalafil 5mg once a day – strongtadafl purchase cialis online
buy zantac 150mg without prescription – ranitidine 300mg usa buy ranitidine 150mg for sale
amazon viagra 100mg – https://strongvpls.com/ sildenafil citrate 50mg tab
Thanks recompense sharing. It’s acme quality. este sitio
The reconditeness in this piece is exceptional. https://buyfastonl.com/isotretinoin.html
Thanks for sharing. It’s top quality. https://ursxdol.com/clomid-for-sale-50-mg/
This is the big-hearted of scribble literary works I truly appreciate. https://prohnrg.com/product/priligy-dapoxetine-pills/
More posts like this would make the blogosphere more useful. https://aranitidine.com/fr/lasix_en_ligne_achat/
I couldn’t turn down commenting. Adequately written! https://ondactone.com/product/domperidone/
Thanks recompense sharing. It’s top quality.
buy levaquin 500mg for sale
I am actually delighted to glance at this blog posts which consists of tons of of use facts, thanks object of providing such data. http://www.seb-kreuzburg.de/url?q=https://roomstyler.com/users/adipe
This is the big-hearted of criticism I truly appreciate. http://www.orlandogamers.org/forum/member.php?action=profile&uid=28880
dapagliflozin online order – click forxiga 10 mg for sale
buy generic xenical – https://asacostat.com/# xenical 60mg oral
I couldn’t weather commenting. Profoundly written! http://www.01.com.hk/member.php?Action=viewprofile&username=Qddtgb