{"id":562622,"date":"2023-11-27T19:00:02","date_gmt":"2023-11-27T19:00:02","guid":{"rendered":"https:\/\/wncen.com\/?p=562622"},"modified":"2024-06-11T08:02:07","modified_gmt":"2024-06-11T08:02:07","slug":"analyst-sets-47000-target-bitcoin-if-happens","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/analyst-sets-47000-target-bitcoin-if-happens\/","title":{"rendered":"Analyst Sets $47,000 Target For Bitcoin If This Happens"},"content":{"rendered":"

An analyst has explained how $47,360 could be the next target for Bitcoin if the cryptocurrency can clear the $38,500 resistance wall.<\/p>\n

Bitcoin URPD Suggests $47,360 Holds Next Major Resistance After $38,500<\/h2>\n

In a new post<\/a> on X, analyst Ali talked about what the levels ahead of BTC are looking like right now in terms of the on-chain resistance. The indicator of interest here is the “UTXO Realized Price<\/a> Distribution” (URPD), which tells us about the amount of coins (or more precisely, the UTXOs<\/a>) that were last acquired at the various levels that the cryptocurrency has visited in its history.<\/p>\n

Generally, the levels that host the cost basis of a significant number of investors can be important levels for Bitcoin, due to how investor psychology tends to work.<\/p>\n

Related Reading: Will Recent Binance Events Trigger This Historical Bitcoin Bull Run Signal?<\/a><\/div>\n

To any holder, their acquisition price is naturally a level that’s important, so whenever the price retests that point, they may become more prone to make some sort of move. How they may react to the retest may depend on what their profitability status was prior to the retest.<\/p>\n

An investor who was in profits before might want to take a further gamble and buy more, as they may think that the price would go up again in the near term. On the other hand, a holder who was in losses might just want to exit at their acquisition price, just so they can at least avoid going into losses again in the future.<\/p>\n

Such buying or selling that arises out of these retests can provide support or resistance to the asset’s price. As mentioned before, though, only levels with a large number of investors are really of any relevance to BTC, as just a few users making these buy or sell moves won’t tick the price meaningfully.<\/p>\n

The below chart shows the data for the Bitcoin URPD, to see where the major centers of holder cost basis lie.<\/p>\n

\"Bitcoin<\/p>\n

Looks like the the level just ahead hosts the cost basis of a significant amount of UTXOs | Source: @ali_charts on X<\/a><\/pre>\n
As displayed in the above graph, the $37,000 level holds the cost basis of a large number of UTXOs, suggesting that the mark should prove to be a strong support wall for the cryptocurrency.<\/p>\n
This is certainly an optimistic sign for the rally<\/a>, as it means that BTC might be able to hold itself above this level without too much effort and work at building an upward move.<\/p>\n
Related Reading: Ethereum Conquers $2,100: On-Chain Data Paints Path To $2,400<\/a><\/div>\n
The next level that might pose any major resistance could be $38,500, but if Bitcoin can successfully clear this wall, the levels ahead are relatively thin with investors.<\/p>\n
From the chart, it’s visible that above $47,000 is where the next resistance boundary lies. So Ali thinks that if a break above $38,500 happens, BTC could advance toward this level.<\/p>\n
BTC Price<\/h2>\n
Bitcoin has slumped back toward the $37,000 level, but if the on-chain data explained earlier is anything to refer to, the asset should find support here.<\/p>\n
\"Bitcoin<\/p>\n
BTC had broken above $38,000 recently | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Shutterstock.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
An analyst has explained how $47,360 could be the next target for Bitcoin if the cryptocurrency can clear the $38,500 resistance wall. Bitcoin URPD Suggests $47,360 Holds Next Major Resistance After $38,500 In a new post on X, analyst Ali talked about what the levels ahead of BTC are looking like right now in terms of the on-chain resistance. The indicator of interest here is the “UTXO Realized Price Distribution” (URPD), which tells us about the amount of coins (or more precisely, the UTXOs) that were last acquired at the various levels that the cryptocurrency has visited in its history. Generally, the levels that host the cost basis of a significant number of investors can be important levels for Bitcoin, due to how investor psychology tends to work. Related Reading: Will Recent Binance Events Trigger This Historical Bitcoin Bull Run Signal? To any holder, their acquisition price is naturally a level that’s important, so whenever the price retests that point, they may become more prone to make some sort of move. How they may react to the retest may depend on what their profitability status was prior to the retest. An investor who was in profits before might want to take a further gamble and buy more, as they may think that the price would go up again in the near term. On the other hand, a holder who was in losses might just want to exit at their acquisition price, just so they can at least avoid going into losses again in the future. Such buying or selling that arises out of these retests can provide support or resistance to the asset’s price. As mentioned before, though, only levels with a large number of investors are really of any relevance to BTC, as just a few users making these buy or sell moves won’t tick the price meaningfully. The below chart shows the data for the Bitcoin URPD, to see where the major centers of holder cost basis lie. Looks like the the level just ahead hosts the cost basis of a significant amount of UTXOs | Source: @ali_charts on X As displayed in the above graph, the $37,000 level holds the cost basis of a large number of UTXOs, suggesting that the mark should prove to be a strong support wall for the cryptocurrency. This is certainly an optimistic sign for the rally, as it means that BTC might be able to hold itself above this level without too much effort and work at building an upward move. Related Reading: Ethereum Conquers $2,100: On-Chain Data Paints Path To $2,400 The next level that might pose any major resistance could be $38,500, but if Bitcoin can successfully clear this wall, the levels ahead are relatively thin with investors. From the chart, it’s visible that above $47,000 is where the next resistance boundary lies. So Ali thinks that if a break above $38,500 happens, BTC could advance toward this level. BTC Price Bitcoin has slumped back toward the $37,000 level, but if the on-chain data explained earlier is anything to refer to, the asset should find support here. BTC had broken above $38,000 recently | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":562641,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,678,6481,90451,1119,1144],"class_list":["post-562622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-prediction","tag-bitcoin-rally","tag-bitcoin-uprd","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nAnalyst Sets $47,000 Target For Bitcoin If This Happens<\/title>\n<meta name=\"description\" content=\"An analyst has explained how $47,360 could be the next target for Bitcoin if the cryptocurrency can clear the $38,500 resistance wall.\" \/>\n<meta name=\"robots\" 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Analyst Sets $47,000 Target For Bitcoin If This Happens","url":"http:\/\/wncen.com\/news\/analyst-sets-47000-target-bitcoin-if-happens\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/analyst-sets-47000-target-bitcoin-if-happens\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/shutterstock_1048631201.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/shutterstock_1048631201.jpg?fit=4000%2C2670"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin prediction","bitcoin rally","bitcoin uprd","btc","btcusd"],"dateCreated":"2023-11-27T19:00:02Z","datePublished":"2023-11-27T19:00:02Z","dateModified":"2024-06-11T08:02:07Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Analyst Sets $47,000 Target For Bitcoin If This Happens\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/analyst-sets-47000-target-bitcoin-if-happens\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/analyst-sets-47000-target-bitcoin-if-happens\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/shutterstock_1048631201.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/shutterstock_1048631201.jpg?fit=4000%2C2670\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin prediction\",\"bitcoin rally\",\"bitcoin uprd\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-11-27T19:00:02Z\",\"datePublished\":\"2023-11-27T19:00:02Z\",\"dateModified\":\"2024-06-11T08:02:07Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/shutterstock_1048631201.jpg?fit=4000%2C2670","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/562622"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=562622"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/562622\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/562641"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=562622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=562622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=562622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}