{"id":554650,"date":"2023-10-09T18:00:04","date_gmt":"2023-10-09T18:00:04","guid":{"rendered":"https:\/\/wncen.com\/?p=554650"},"modified":"2024-06-11T08:03:55","modified_gmt":"2024-06-11T08:03:55","slug":"29700-next-big-level-claim-bitcoin-heres-why","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/29700-next-big-level-claim-bitcoin-heres-why\/","title":{"rendered":"$29,700 Could Be The Next Big Level To Claim For Bitcoin, Here’s Why"},"content":{"rendered":"

On-chain data shows the true market mean price of Bitcoin is valued at $29,700 right now, making the level of particular significance for the coin.<\/p>\n

Bitcoin True Market Mean Price Is At $29,700 Currently<\/h2>\n

In a new post<\/a> on X, the lead on-chain analyst at the on-chain analytics firm Glassnode, “Checkmate,” pointed out how the BTC price currently trades below the true market cost basis.<\/p>\n

The “market cost basis” refers to the average price at which the investors in the sector bought their coins. One popular way of calculating this cost basis is through the “realized cap<\/a>,” which measures the total value of the cryptocurrency by assuming that the price at which each coin on the blockchain was last transferred is its true value.<\/p>\n

When this capitalization model is divided by the total number of coins in circulation, the “realized price<\/a>” is obtained, which is the average cost basis of the supply.<\/p>\n

Related Reading: These Bitcoin Holders Have Bought Almost $2 Billion In Last 6 Weeks: Data<\/a><\/div>\n

However, this method has some issues, such as a chunk of the circulating Bitcoin supply being permanently inaccessible (due to wallet keys becoming lost). A lot of this inactive supply would have traded long ago, meaning its cost basis would be shallow compared to today’s prices. Thus, if included in the metric, it would skew its value away from reality.<\/p>\n

Checkmate and Ark Invest’s David Puell<\/a> came up with “Cointime Economics” a while back, a new methodology that tackles the problems with the realized price.<\/p>\n

“Cointime Economics introduces a simplified framework to efficiently discount the impact of lost supply and amplify economic impacts on the truly active supply,” explains Glassnode.<\/p>\n

The chart below shows the trend in the “true market mean price” for Bitcoin, as calculated by this advanced model.<\/p>\n

\"Bitcoin<\/p>\n

Looks like the spot price of the asset is currently below this line | Source: @_Checkmatey_ on X<\/a><\/pre>\n
Based on this more accurate model, Bitcoin currently has a true mean price of $29,700. Therefore, the asset’s spot price is trading well below this level.<\/p>\n
The graph shows that significant breaks above this indicator have historically resulted in the cryptocurrency enjoying some sustained bullish momentum.<\/p>\n
Checkmate has also attached the “AVIV Ratio Z-Score” data in the same chart. The “AVIV Ratio” tracks the deviation from the true market mean that BTC is currently observing.<\/p>\n
Related Reading: Bitcoin Makes Another Attempt At $28,000, Can Break Happen?<\/a><\/div>\n
The Glassnode lead notes that this indicator is the most accurate measure of the market centroid for Bitcoin. At the current value, the metric is “still -0.6 standard deviations below its long-term mean,” according to the analyst.<\/p>\n
The near-term outcome of the price based on this is uncertain, but in the long term, Bitcoin could see a reversion back to its mean, thus making the current price levels potentially profitable buying points.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading at around $27,500, down 3% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
The value of the coin appears to have registered some drawdown today | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Shutterstock.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows the true market mean price of Bitcoin is valued at $29,700 right now, making the level of particular significance for the coin. Bitcoin True Market Mean Price Is At $29,700 Currently In a new post on X, the lead on-chain analyst at the on-chain analytics firm Glassnode, “Checkmate,” pointed out how the BTC price currently trades below the true market cost basis. The “market cost basis” refers to the average price at which the investors in the sector bought their coins. One popular way of calculating this cost basis is through the “realized cap,” which measures the total value of the cryptocurrency by assuming that the price at which each coin on the blockchain was last transferred is its true value. When this capitalization model is divided by the total number of coins in circulation, the “realized price” is obtained, which is the average cost basis of the supply. Related Reading: These Bitcoin Holders Have Bought Almost $2 Billion In Last 6 Weeks: Data However, this method has some issues, such as a chunk of the circulating Bitcoin supply being permanently inaccessible (due to wallet keys becoming lost). A lot of this inactive supply would have traded long ago, meaning its cost basis would be shallow compared to today’s prices. Thus, if included in the metric, it would skew its value away from reality. Checkmate and Ark Invest’s David Puell came up with “Cointime Economics” a while back, a new methodology that tackles the problems with the realized price. “Cointime Economics introduces a simplified framework to efficiently discount the impact of lost supply and amplify economic impacts on the truly active supply,” explains Glassnode. The chart below shows the trend in the “true market mean price” for Bitcoin, as calculated by this advanced model. Looks like the spot price of the asset is currently below this line | Source: @_Checkmatey_ on X Based on this more accurate model, Bitcoin currently has a true mean price of $29,700. Therefore, the asset’s spot price is trading well below this level. The graph shows that significant breaks above this indicator have historically resulted in the cryptocurrency enjoying some sustained bullish momentum. Checkmate has also attached the “AVIV Ratio Z-Score” data in the same chart. The “AVIV Ratio” tracks the deviation from the true market mean that BTC is currently observing. Related Reading: Bitcoin Makes Another Attempt At $28,000, Can Break Happen? The Glassnode lead notes that this indicator is the most accurate measure of the market centroid for Bitcoin. At the current value, the metric is “still -0.6 standard deviations below its long-term mean,” according to the analyst. The near-term outcome of the price based on this is uncertain, but in the long term, Bitcoin could see a reversion back to its mean, thus making the current price levels potentially profitable buying points. BTC Price At the time of writing, Bitcoin is trading at around $27,500, down 3% in the last week. The value of the coin appears to have registered some drawdown today | Source: BTCUSD on TradingView Featured image from Shutterstock.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":554670,"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":[428,6481,89605,1119,1144],"class_list":["post-554650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-rally","tag-bitcoin-true-market-mean","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n$29,700 Could Be The Next Big Level To Claim For Bitcoin, Here's Why<\/title>\n<meta name=\"description\" content=\"Data shows the true market mean price of Bitcoin is valued at $29,700 right now, making the level of particular significance for the coin.\" \/>\n<meta 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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":"$29,700 Could Be The Next Big Level To Claim For Bitcoin, Here’s Why","url":"http:\/\/wncen.com\/news\/29700-next-big-level-claim-bitcoin-heres-why\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/29700-next-big-level-claim-bitcoin-heres-why\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/shutterstock_1165586542.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/10\/shutterstock_1165586542.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 rally","bitcoin true market mean","btc","btcusd"],"dateCreated":"2023-10-09T18:00:04Z","datePublished":"2023-10-09T18:00:04Z","dateModified":"2024-06-11T08:03:55Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"$29,700 Could Be The Next Big Level To Claim For Bitcoin, Here’s Why\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/29700-next-big-level-claim-bitcoin-heres-why\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/29700-next-big-level-claim-bitcoin-heres-why\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_1165586542.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/shutterstock_1165586542.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 rally\",\"bitcoin true market mean\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-10-09T18:00:04Z\",\"datePublished\":\"2023-10-09T18:00:04Z\",\"dateModified\":\"2024-06-11T08:03:55Z\"}<\/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\/10\/shutterstock_1165586542.jpg?fit=4000%2C2670","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/554650"}],"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=554650"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/554650\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/554670"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=554650"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=554650"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=554650"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}