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It’s been barely a week since investors were pushed to the edge of their seats as the Bitcoin price approached the $90,000 mark. Now, the discussions are about the price of Bitcoin reaching a new all-time high, especially after a sustained close above $100,000.
This underscores the dynamism of the cryptocurrency market and industry. Interestingly, the latest on-chain data shows that investors might not have to wait long before the premier cryptocurrency climbs to and probably surpass its record-high price.
Can BTC Price Replicate This 66% Move?
In a Quicktake post on the CryptoQuant platform, an analyst with the pseudonym Burakkesmeci provided insights into the Bitcoin price trajectory using recent movements of the UTXO (unspent transaction output) Age Bands metric. The UTXO Age Band is a metric that measures the total value of unspent transaction outputs that were last moved within a specific time frame.
Each colored band represents the total value of existing UTXOs, that were last moved within the denoted period in native value. This metric can also be used to evaluate the behaviors of long-term and short-term investors along with the price actions.
In their analysis, Burakkesmeci noted that the focus will be on Bitcoin’s ultra-short-term investors (specifically 1-7 day and 7-30 day cohorts). According to the analyst, the 1-7 day UTXO average has crossed above the 7-30 day UTXO average.
On the surface, this phenomenon suggests that the average cost basis for BTC purchased in the past week is increasing. Ultimately, this indicates rising interest amongst investors and the infusion of fresh capital despite the recent increase in Bitcoin price.
Source: CryptoQuant
“The ‘Golden Cross’ mentioned in the title deserves special attention,” Burakkesmeci noted in the Quicktake post. According to the pundit, the last time the 1-7 day UTXO average crossed above the 7-30 day UTXO average; the Bitcoin price surged by 66% from $66,000 to $108,000.
Burakkesmeci said:
While predicting a similar performance is challenging, one thing is clear: this Golden Cross has shifted the short-term trend into positive territory, signaling upward momentum.
Bitcoin Price Overview
As of this writing, the
price of BTC sits just above the $104,500 level, reflecting no significant change in the past 24 hours. According to data from CoinGecko, the premier cryptocurrency is up by more than 10% in the last seven days.
While the Bitcoin price has touched $105,000 multiple times in the past few days, the flagship cryptocurrency has been unable to reclaim this level. Nevertheless, BTC ranks as the world’s largest cryptocurrency, with a market cap of over $2 trillion.
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView
Featured image from DALL-E, chart from TradingView
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