- Early signs of Uptober are here: Bitcoin (BTC) has experienced a critical breakout above $28,000 with over a 3.57% increase in the last few hours.
- If buyers effectively surpass the converging 200-day and 100-day moving averages around $28,000, we might witness further increases in the Bitcoin price.
- The 12-18 Month UTXO Realized Price for Bitcoin currently sits at $26,950, indicating that investors who bought Bitcoin during this period have reached a breakeven point consistent with the average purchase price.
Bitcoin is experiencing a long-unseen surge! A famous analyst reveals the next target for Bitcoin: Investors, be prepared!
A New Rally in Bitcoin Price is Not Far Off
It seems that an excellent start to the fourth quarter of 2023 is underway, with early signs of Uptober! Bitcoin (BTC) has experienced a critical breakout above $28,000 with over a 3.57% increase in the last few hours.
As of now, BTC is trading at $28,125, with a market capitalization of $548 billion. This breakout has also pushed Bitcoin above the 200-day moving average, signaling a bullish sign.
According to technical charts, this means that the BTC price has opened the doors to potentially rise to $31,000. This implies that investors may be prepared for a 10% price rally from current levels.
Ali Charts explains it as follows:
“The last time we saw a breakout like this, $BTC went to $31,000!”
If buyers effectively surpass the converging 200-day and 100-day moving averages around $28,000, we might witness further increases in the Bitcoin price. The next strong resistance that investors will face is at $30,000. However, some market analysts think that chasing the green candle formation might not be wise at the moment.
Bitcoin On-Chain Indicators Show Strength
The 12-18 Month UTXO Realized Price for Bitcoin currently sits at $26,950, indicating that investors who bought Bitcoin during this period have reached a breakeven point consistent with the average purchase price. However, the 6-12 Month UTXO Realized Price is lower than the current market price, indicating profitability for this specific group.
A deeper dive into Exchange Inflow UTXO Age Bands data provides valuable insights into investor sentiment. Despite facing unrealized losses for an extended period, the 12-18 month UTXO group appears to be resisting selling their investments, suggesting a strong belief in holding rather than selling.
This indicates a high level of confidence in Bitcoin’s long-term potential. On the other hand, the 6-12 month UTXO group, currently in profit, is actively selling on exchanges.
The different behaviors of these two investor groups indicate varying levels of confidence in Bitcoin’s future trajectory. Those who have held Bitcoin for 12-18 months appear to have a strong conviction in not selling even after reaching a breakeven point.
The minimal influx of Bitcoin from the 12-18 month UTXO group suggests that it may not serve as a significant resistance level for the Bitcoin price, as selling pressure seems to have decreased.
