Wait For Bitcoin At $20,000? This Analyst Says No

Name	Symbol	Market	Market Cap ($)	Algorithm
Quant	QNTUSD	Crypto	1,064,051,928	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Quant

QNTUSD

Crypto

1,064,051,928

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.150	-0.20%	73.07	73.00	73.06

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.150

-0.20%

73.07

73.00

73.06

High Price	Low Price	Open Price	Prev. Close	52 Week Range
73.53	71.95	73.02	73.22	63.89 - 153.83

High Price

Low Price

Open Price

Prev. Close

52 Week Range

73.53

71.95

73.02

73.22

63.89 - 153.83

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	13:10:01	0.068000	73.07	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

13:10:01

0.068000

73.07

USD

Price x Volume	Volume	Base Symbol	Related Pairs
259,622.02	3,563.79	QNT	QNTEUR	QNTGBP	QNTBTC

Price x Volume

Volume

Base Symbol

Related Pairs

259,622.02

3,563.79

Wait For Bitcoin At $20,000? This Analyst Says No

19/10/2023 7:00pm

NEWSBTC

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

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

QNTUSD Quant