Bitcoin has been pretty quiet in October, but things are starting to heat up again after it crossed the $63,000 mark last weekend. However, there’s a big hurdle it needs to clear before we can really say the bull run is back on.
The $64,000 Question
An analyst, who goes by the name ShayanBTC, says we should keep our eyes on $64,000. They believe this is a crucial level for Bitcoin in the short term. This analysis is based on something called “Realized Price Unspent Transaction Output (UTXO) age bands.” It’s a fancy way of looking at how long people have been holding their Bitcoin and what they paid for it.
Basically, there are two groups of Bitcoin holders: those who bought their coins recently (short-term) and those who bought them a while back (long-term). The analyst says that in the past, when Bitcoin struggled to go above the average price these groups paid, it meant bad news for Bitcoin. But if it breaks through that price, it’s a good sign that things are looking up.
Right now, Bitcoin is sitting right between the average prices of these two groups. The short-term group’s average price is $64,000, while the long-term group’s is around $55,000.
What Happens Next?
If Bitcoin can break through $64,000, it could mean more good news for Bitcoin and the bull run might continue. But if it can’t break through, it could mean that short-term holders are getting nervous and selling, which could push the price down towards $55,000.
Bitcoin’s Current Situation
As of right now, Bitcoin is trading at around $63,249. That’s a small increase from yesterday, but it’s up a bit more than 2% over the last week.
