{"id":516350,"date":"2023-01-17T09:30:23","date_gmt":"2023-01-17T14:30:23","guid":{"rendered":"https:\/\/wncen.com\/?p=516350"},"modified":"2024-06-11T11:31:20","modified_gmt":"2024-06-11T11:31:20","slug":"why-22-4k-next-major-level-break-bitcoin","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/why-22-4k-next-major-level-break-bitcoin\/","title":{"rendered":"Here’s Why $22,400 Could Be The Next Major Level To Break For Bitcoin"},"content":{"rendered":"

As Bitcoin continues its strong rally, $22,400 could be the level to watch next, if this on-chain metric is anything to go by.<\/p>\n

Bitcoin Long-Term Holder Realized Price Is Currently Around $22,400<\/h2>\n

According to the latest weekly report from Glassnode<\/a>, BTC broke through all three realized prices of the market back in April 2019. To understand the concept of “realized price,” the realized cap needs to be looked at first. The realized cap<\/a> is a capitalization model for BTC that values each coin in circulation at the price it was last transacted.<\/p>\n

This is different from the usual market cap, which puts the value of all tokens at the same current price of Bitcoin. When the market cap is divided by the total number of coins in circulation, the BTC price is obtained, a fact that isn’t unexpected at all, as the market cap is calculated by multiplying the price by the number of coins to start with.<\/p>\n

However, if this same idea is applied to the realized cap (that is if it’s divided by the number of coins), a sort of “realized price<\/a>” can be derived. The significance of this price is that it’s the cost basis of the average holder in the Bitcoin market.<\/p>\n

The implication of this is that if the (normal) price of BTC declines under this realized price, the average investor can be thought to have entered into a state of loss.<\/p>\n

Related Reading: Glassnode Points Out This Bizarre Consistency In Bitcoin Cycles<\/a><\/div>\n

All investors in the market can be divided into two major cohorts: the “short-term holders” (STHs) and the “long-term holders<\/a>” (LTHs). The former includes investors who acquired their coins less than 155 days ago, while the latter consists of holders who have been holding their coins for more than that period.<\/p>\n

Now, here is a chart that shows the trend in the realized price for the entire Bitcoin market, as well as that for the STHs and LTHs, over the last five years:<\/p>\n

\"Bitcoin<\/p>\n

Looks like the value of the crypto has broken past all but one of these metrics | Source: Glassnode The Week Onchain - Week 3, 2023<\/a><\/pre>\n
As shown in the above graph, the BTC price had been below all three of these realized prices for much of the bear market, suggesting that the average Bitcoin investor in all the cohorts was carrying an unrealized loss.<\/p>\n
However, in the most recent rally, the crypto has so far managed to break above the STH cost basis ($18,000), as well as that of the entire market ($19,700). The LTH realized price of about $22,400 is yet to be reached by the coin.<\/p>\n
Related Reading: Bitcoin Miners Show Signs Of Dumping, Bad For Rally?<\/a><\/div>\n
A similar rally took place back in April 2019, which marked the end of the 2018-2019 bear market. But in that rally, Bitcoin managed to rise above all three of the realized prices.<\/p>\n
If a similar transition is truly taking place in this bear market as well, then the $22,400 level could be the one to watch for next, as a break above it could imply a return towards a bullish regime.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $21,100, up 22% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
BTC continues to move sideways | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
As Bitcoin continues its strong rally, $22,400 could be the level to watch next, if this on-chain metric is anything to go by. Bitcoin Long-Term Holder Realized Price Is Currently Around $22,400 According to the latest weekly report from Glassnode, BTC broke through all three realized prices of the market back in April 2019. To understand the concept of “realized price,” the realized cap needs to be looked at first. The realized cap is a capitalization model for BTC that values each coin in circulation at the price it was last transacted. This is different from the usual market cap, which puts the value of all tokens at the same current price of Bitcoin. When the market cap is divided by the total number of coins in circulation, the BTC price is obtained, a fact that isn’t unexpected at all, as the market cap is calculated by multiplying the price by the number of coins to start with. However, if this same idea is applied to the realized cap (that is if it’s divided by the number of coins), a sort of “realized price” can be derived. The significance of this price is that it’s the cost basis of the average holder in the Bitcoin market. The implication of this is that if the (normal) price of BTC declines under this realized price, the average investor can be thought to have entered into a state of loss. Related Reading: Glassnode Points Out This Bizarre Consistency In Bitcoin Cycles All investors in the market can be divided into two major cohorts: the “short-term holders” (STHs) and the “long-term holders” (LTHs). The former includes investors who acquired their coins less than 155 days ago, while the latter consists of holders who have been holding their coins for more than that period. Now, here is a chart that shows the trend in the realized price for the entire Bitcoin market, as well as that for the STHs and LTHs, over the last five years: Looks like the value of the crypto has broken past all but one of these metrics | Source: Glassnode The Week Onchain – Week 3, 2023 As shown in the above graph, the BTC price had been below all three of these realized prices for much of the bear market, suggesting that the average Bitcoin investor in all the cohorts was carrying an unrealized loss. However, in the most recent rally, the crypto has so far managed to break above the STH cost basis ($18,000), as well as that of the entire market ($19,700). The LTH realized price of about $22,400 is yet to be reached by the coin. Related Reading: Bitcoin Miners Show Signs Of Dumping, Bad For Rally? A similar rally took place back in April 2019, which marked the end of the 2018-2019 bear market. But in that rally, Bitcoin managed to rise above all three of the realized prices. If a similar transition is truly taking place in this bear market as well, then the $22,400 level could be the one to watch for next, as a break above it could imply a return towards a bullish regime. BTC Price At the time of writing, Bitcoin is trading around $21,100, up 22% in the last week. BTC continues to move sideways | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":516364,"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":[428,87431,87441,84666,86297,1119,1144],"class_list":["post-516350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-cost-basis","tag-bitcoin-long-term-holder-realized-price","tag-bitcoin-long-term-holders","tag-bitcoin-realized-price","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nHere's Why $22,400 Could Be The Next Major Level To Break For Bitcoin<\/title>\n<meta name=\"description\" content=\"As Bitcoin continues its strong rally, $22,400 could be the level to watch next, if this on-chain metric is anything to go by. 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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":"Here’s Why $22,400 Could Be The Next Major Level To Break For Bitcoin","url":"http:\/\/wncen.com\/news\/why-22-4k-next-major-level-break-bitcoin\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/why-22-4k-next-major-level-break-bitcoin\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/kanchanara-rhm7H8X5J98-unsplash-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/kanchanara-rhm7H8X5J98-unsplash-scaled.jpg?fit=2560%2C1703"},"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 cost-basis","bitcoin long-term holder realized price","bitcoin long-term holders","bitcoin realized price","btc","btcusd"],"dateCreated":"2023-01-17T14:30:23Z","datePublished":"2023-01-17T14:30:23Z","dateModified":"2024-06-11T11:31:20Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Here’s Why $22,400 Could Be The Next Major Level To Break For Bitcoin\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-22-4k-next-major-level-break-bitcoin\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/why-22-4k-next-major-level-break-bitcoin\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/kanchanara-rhm7H8X5J98-unsplash-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/kanchanara-rhm7H8X5J98-unsplash-scaled.jpg?fit=2560%2C1703\"},\"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 cost-basis\",\"bitcoin long-term holder realized price\",\"bitcoin long-term holders\",\"bitcoin realized price\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-01-17T14:30:23Z\",\"datePublished\":\"2023-01-17T14:30:23Z\",\"dateModified\":\"2024-06-11T11:31:20Z\"}<\/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\/01\/kanchanara-rhm7H8X5J98-unsplash-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/516350"}],"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=516350"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/516350\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/516364"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=516350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=516350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=516350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}