As a seasoned researcher with years of experience in the cryptocurrency market, I’ve seen my fair share of bull runs and bear markets. The current surge in Bitcoin’s price has certainly caught my attention, particularly given its timing during a historically volatile month.
A lot has been made of the Bitcoin price history in September, putting extra spotlight on the largest cryptocurrency by market capitalization. Despite the somewhat wobbly start and generally bearish expectations, the premier cryptocurrency has not exactly had a woeful stint in this historically negative month.
Over the past week, the cost of Bitcoin has experienced a significant surge, shattering the symbolic $60,000 barrier to end the week on a high note. Yet, a notable crypto analyst has put forth an intriguing prediction regarding Bitcoin’s price in the near future.
BTC Price Approaching Key Resistance — Here’s The Level
On the X platform, well-known crypto expert Ali Martinez shared a recent post stating that Bitcoin’s current price increase might encounter significant resistance near the $60,680 region, due to the distribution of Bitcoin’s cost basis within its supply close to the present value of the leading cryptocurrency.
In cost-basis analysis, a level’s potential to act as support or resistance depends on the total amount of coins last acquired by investors at the level. As shown in the chart below, the size of the dot reflects and is directly proportional to the number of bitcoins purchased within the corresponding price range.
The graph you see shows a high concentration of investors in the price range between $59,885 and $61,625. Based on data from IntoTheBlock, approximately 1.52 million wallets have purchased around 770,390 Bitcoin, which amounts to roughly $40.6 billion, within this price range.
Martinez pointed out that the range between $59,885 and $61,625 might serve as a significant resistance point, as investors may be inclined to act when an asset reaches a level close to their initial investment cost. Often, investors who had previously experienced losses might be eager to offload their holdings once they start making a profit again, potentially creating a roadblock in the price increase of Bitcoin.
In his post, Martinez suggested that the value of Bitcoin might reach $64,300 if it manages to surpass the resistance zone ranging from $59,885 to $61,625. On the other hand, if the price doesn’t exceed this resistance level, a potential drop down to around $57,235 could occur.
Bitcoin Price At A Glance
Currently, the Bitcoin price is approximately $60,429 and has risen by 4.1% over the last day. This increase becomes even more noteworthy when looking at a longer timeframe. Data from CoinGecko shows that Bitcoin’s price has surged over 13% within the past week.
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2024-09-15 03:11