Bitcoin has been struggling lately, but it’s finally showing some signs of life. It’s climbed back above the average price that short-term holders paid for it, which is a good sign for the future.
What Does This Mean for Bitcoin?
When Bitcoin goes back to the average price that short-term holders paid, it usually means they’re more likely to buy more. This creates a support level for the price, making it less likely to drop further.
Bitcoin has done this twice before in 2023, and each time it led to a price increase of at least 30%. So, could this be the start of another big jump for Bitcoin?
Positive Sentiment Is Down, But Traders Are Still Betting on Bitcoin
While some people are getting less optimistic about Bitcoin, there’s still a lot of interest in it.
Traders are actually placing bets on Bitcoin reaching $100,000, and there’s even a chance it could hit $150,000.
What’s Next for Bitcoin?
It’s hard to say for sure what will happen next with Bitcoin. But with the price rising above the average cost for short-term holders, and traders betting on a big jump, it’s definitely worth keeping an eye on.
