On-chain analytics firm GlassNode points out that if the current momentum continues, $136,000 could be the next price level for Bitcoin.
This Bitcoin Short Term Holder Cost Base Level is located at $136,000
It’s new thread In X, GlassNode discusses what several different on-chain indicators suggest about where Bitcoin is in the current cycle. The first metrics shared by the analytics company is Short-term holder (STH) cost-basedmeasures the average acquisition price of investors who have purchased coins within the past 155 days.
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Below is a chart showing trends in this metric over the past few years.
As shown in the graph, the price of Bitcoin was broken above the STH cost base at the beginning of the year and then exceeded the line, indicating that the entire STH is in net profit state.
Similarly, the analytics company has marked several other levels, each corresponding to a specific standard deviation (SD) from the STH cost base. The recent price has been new The best ever (ath) Above $123,000, BTC was able to violate the SD level of +1.
However, after the pullback, the coin went back under the mark, but still remains nearby. “If this momentum continues, the next key level is $136K (2 + STD), a zone that has historically achieved profitable rises and peak local markets,” explains GlassNode.
Bitcoin has not yet been overheated from the perspective of the STH cost-based model, but other indicators draw different pictures. sth Profit Supplyindicators tracking the percentage of supply in the cohort sit at some level of profit, and have recently surpassed the 88% threshold that isolated high-risk euphoric phases.
We also saw another metric that measures the percentage of STH volumes that lead to profit realization, as well as jumps that far exceed the historic overheating cutoff of 62%.
“Those spikes often occur multiple times in bull markets, but signals that are repeated at these levels usually need to be preceded by the local top and be careful,” the analytics company said.
During this profit spike, the profit-to-loss ratio realized by Bitcoin STH was spiked to a seven-day index moving average (EMA) value of 39.8.
This is a value that is extreme by historical standards. That said, such spikes commonly occurred many times over the course of the cycle before the top was finally achieved.
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“Historically, the cycle top has been behind and there’s room for it to be even upside down,” GlassNode said. “However, risks are rising and the market is becoming increasingly sensitive to external shocks. Current pullbacks match this pattern.”
BTC price
At the time of writing, Bitcoin has increased by more than 8% over the past seven days.
Dall-E, Glassnode.com featured images, tradingView.com charts
