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 B
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, B
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,” B
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
The price of BTC on the daily timeframe | Source: BTCUSDT chart on TradingView