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Analyst Identifies $82,000 As Key Bitcoin Price Level
The bearish trend of Bitcoin is persisting into December, indicating a potential year-end downturn. Recent on-chain data highlights the significance of the $82,000 price level for Bitcoin's future trajectory.
Key Insights
- Market analyst Burak Kesmeci emphasizes the importance of the $82,000 mark, where two major cost bases converge in Bitcoin’s history.
- Bitcoin spot ETFs have an average purchase cost around $82,000, making it a critical institutional demand indicator.
- The Bitcoin True Market Mean metric shows active participants mainly acquired BTC at approximately $82,000.
Potential Implications
- If Bitcoin falls below $82,000, increased selling pressure may result as investors seek to minimize losses.
- Historically, Bitcoin drops below its active market participant cost basis lead to further declines towards its Realized Price.
- Currently, the Bitcoin Realized Price is near $56,000, suggesting a possible 40% drop if $82,000 does not hold.
- As of now, Bitcoin trades at approximately $89,310, down over 3% in the last 24 hours.