{"id":556093,"date":"2023-10-19T18:00:14","date_gmt":"2023-10-19T18:00:14","guid":{"rendered":"https:\/\/wncen.com\/?p=556093"},"modified":"2024-06-11T07:20:46","modified_gmt":"2024-06-11T07:20:46","slug":"wait-for-bitcoin-at-20000-this-analyst-says-no","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/wait-for-bitcoin-at-20000-this-analyst-says-no\/","title":{"rendered":"Wait For Bitcoin At $20,000? This Analyst Says No"},"content":{"rendered":"

An analyst has explained using on-chain data that Bitcoin has a major demand bucket at the current price levels, so it won’t hit $20,000 anytime soon.<\/p>\n

Huge Bitcoin Buying Occurred Inside The $25,000 To $30,000 Range<\/h2>\n

In a new post<\/a> on X, analyst Ali has explained that some large entities accumulated at the $25,000 to $30,000 range. The indicator of interest here is the “UTXO Realized Price<\/a> Distribution” (URPD), which, in short, tells us about the amount of Bitcoin that was acquired at the different price levels of the cryptocurrency.<\/p>\n

Here is a chart that shows how the URPD of the current Bitcoin market looks like:<\/p>\n

\"Bitcoin<\/p>\n

The data for the distribution of the supply over the different price levels | Source: @ali_charts on X<\/a><\/pre>\n
Notice that the URPD here is “ATH-partitioned.” What this means is that the price ranges here have been defined by creating 100 equally spaced partitions between zero and the all-time high (ATH) of the cryptocurrency.<\/p>\n
Related Reading: This Rare Bullish Bitcoin Crossover Could Soon Form, Quant Predicts When<\/a><\/div>\n
From the graph of the Bitcoin URPD, it’s visible that the price levels between $25,000 and $30,000 are host to the cost basis of a particularly large amount of the supply.<\/p>\n
Ali notes that most people, including major institutional investors like Michael Saylor’s Microstrategy<\/a> and Elon Musk’s Tesla<\/a>, purchased a significant number of coins between these levels.<\/p>\n
The levels being so dense with supply isn’t only significant because of the fact that these large entities believe those prices were worthy buys, but also due to how investor psychology tends to work out.<\/p>\n
Generally, whenever the price retests the cost basis of a holder, they may become more probable to show some reaction. How they would react depends on their sentiment and profit\/loss status prior to the retest.<\/p>\n
If they had been i9n profits before the price declined towards their cost basis, they may believe the price would go up again in the future so they would accumulate more at the dip.<\/p>\n
On the other hand, them being at loss before may make them sell at their cost basis, as they would find the idea of breaking-even more enticing than potentially going back into losses.<\/p>\n
There are some dense price buckets above the current level, meaning that BTC could feel resistance when it would retest them due to such investors exiting at their break-even.<\/p>\n
Related Reading: Bitcoin Market Cap Could Rise By $1 Trillion After Spot ETFs Launch: CryptoQuant<\/a><\/div>\n
If Bitcoin declines instead, however, it could feel strong support, as the buckets below are zones of some pretty major demand, so at least some of these investors might be inclined to buy more at these same levels. Thus, a decline below this range could be unlikely for the cryptocurrency.<\/p>\n
“So when they tell you “It’s too late to buy BTC” or “Wait for $20k,” please ignore them!”, advises the analyst.<\/p>\n
BTC Price<\/h2>\n
Bitcoin is up almost 7% during the past week, but the coin’s surge has slowed down recently as its price has mostly been consolidating around $28,500.<\/p>\n
\"Bitcoin<\/p>\n
The value of the asset has continued to move sideways recently | 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":"
An analyst has explained using on-chain data that Bitcoin has a major demand bucket at the current price levels, so it won’t hit $20,000 anytime soon. Huge Bitcoin Buying Occurred Inside The $25,000 To $30,000 Range In a new post on X, analyst Ali has explained that some large entities accumulated at the $25,000 to $30,000 range. The indicator of interest here is the “UTXO Realized Price Distribution” (URPD), which, in short, tells us about the amount of Bitcoin that was acquired at the different price levels of the cryptocurrency. Here is a chart that shows how the URPD of the current Bitcoin market looks like: The data for the distribution of the supply over the different price levels | Source: @ali_charts on X Notice that the URPD here is “ATH-partitioned.” What this means is that the price ranges here have been defined by creating 100 equally spaced partitions between zero and the all-time high (ATH) of the cryptocurrency. Related Reading: This Rare Bullish Bitcoin Crossover Could Soon Form, Quant Predicts When From the graph of the Bitcoin URPD, it’s visible that the price levels between $25,000 and $30,000 are host to the cost basis of a particularly large amount of the supply. Ali notes that most people, including major institutional investors like Michael Saylor’s Microstrategy and Elon Musk’s Tesla, purchased a significant number of coins between these levels. The levels being so dense with supply isn’t only significant because of the fact that these large entities believe those prices were worthy buys, but also due to how investor psychology tends to work out. Generally, whenever the price retests the cost basis of a holder, they may become more probable to show some reaction. How they would react depends on their sentiment and profit\/loss status prior to the retest. If they had been i9n profits before the price declined towards their cost basis, they may believe the price would go up again in the future so they would accumulate more at the dip. On the other hand, them being at loss before may make them sell at their cost basis, as they would find the idea of breaking-even more enticing than potentially going back into losses. There are some dense price buckets above the current level, meaning that BTC could feel resistance when it would retest them due to such investors exiting at their break-even. Related Reading: Bitcoin Market Cap Could Rise By $1 Trillion After Spot ETFs Launch: CryptoQuant If Bitcoin declines instead, however, it could feel strong support, as the buckets below are zones of some pretty major demand, so at least some of these investors might be inclined to buy more at these same levels. Thus, a decline below this range could be unlikely for the cryptocurrency. “So when they tell you “It’s too late to buy BTC” or “Wait for $20k,” please ignore them!”, advises the analyst. BTC Price Bitcoin is up almost 7% during the past week, but the coin’s surge has slowed down recently as its price has mostly been consolidating around $28,500. The value of the asset has continued to move sideways recently | 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":556101,"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":[428,86297,1119,1144],"class_list":["post-556093","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-realized-price","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nWait For Bitcoin At $20,000? 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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":"Wait For Bitcoin At $20,000? 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