As a researcher with a background in cryptocurrency analysis, I find @AxelAdlerJr’s observation about Bitcoin’s drop below the average buy level of $46,400 in the past 12 months to be noteworthy. This price point is significant because it represents the average purchase price for many buyers during the previous year.
A cryptocurrency analyst with the handle @AxelAdlerJr on X Platform (previously Twitter) pointed out that Bitcoin‘s (BTC) dip below $46,400 could push the leading digital currency beneath its average purchase price over the past year. Consequently, those who recently bought Bitcoin may experience losses.
2023-2024 Bitcoin (BTC) buyers in danger below this price level
Keep a keen eye on the Bitcoin (BTC) market as the price approaches the $46,400 mark per coin. This significant threshold represents the average purchase price for the orange cryptocurrency in 2021, according to CryptoQuant analyst AxelAdlerJr’s estimations, based on his X followers’ insights.
As a researcher, I would like to draw your attention to the significance of the $46,400 mark. This represents the average purchase price over the past year.
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) July 5, 2024
As a crypto investor, I’ve noticed an intriguing pattern: The price of Bitcoin (BTC) reached a significant peak around mid-January 2024. This timing coincides with the long-awaited approval of the first-ever spot Bitcoin ETF in the United States. The anticipation leading up to this approval ignited a surge in demand for Bitcoin, driving its price upward.
As a researcher studying the cryptocurrency market, I want to share a crucial observation with my colleagues. If the price falls below $46,400, the market could experience intense fear and selling pressure, leading to significant price drops. It is essential for us, as bulls, to closely monitor this situation and assess whether major investors will seize this opportunity to buy at lower prices.
Simultaneously, he notes that demand from buyers remains strong. Notably, major market participants have invested approximately 9 billion US Dollars in Tether (USDT) across multiple blockchains.
Previously reported by U.Today, an analysis suggested that a significant injection of new funds into Bitcoin around Q1, 2024, could potentially trigger another dramatic upward trend in its price.
Bitcoin (BTC) at $45,000: Charles Edwards on “normal pullbacks”
As a cryptocurrency investor, I’ve heard some prominent voices expressing their belief that Bitcoin (BTC) could potentially dip below the average purchase price for the year in what they describe as a typical market correction.
Charles Edwards, the founder of Capriole Investments and the creator of the “$100,000 Energy Value Model” for Bitcoin’s (BTC) price, remains unfazed by BTC reaching $45,000 since such fluctuations are typical in this market.
52 or 45 would be a normal 30-40% bull market pull back.
— Charles Edwards (@caprioleio) July 5, 2024
From a high-level perspective, I’ve observed that the price of Bitcoin (BTC) experiences roughly five to six pullbacks during its cycles, with each correction resulting in a loss of around 35-45%. Consequently, this current correction may appear “healthy” if Bitcoin manages to maintain its position above $43,920.
As of the deadline, Bitcoin’s (BTC) value saw a 2.52% improvement, hovering around $56,700 across prominent trading platforms.
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2024-07-06 18:46