Bitcoin Positioned for Potential $183K Peak According to On-Chain Data
Bitcoin is currently trading at $110,219, down about 2% weekly and over 10% from its recent peak of $124,000.
MVRV Price Bands Analysis
- The MVRV (Market Value to Realized Value) Price Bands indicate Bitcoin's positioning above key support bands, suggesting an intact uptrend with potential for volatility.
- The model's lower band served as a reliable market low indicator in previous cycles, while the upper band highlighted cycle peaks.
- Bitcoin is above the floor price of approximately $52,300 and median support near $91,600.
- The ceiling price projection points to a potential high of $183,000 by August 2025.
- Monitoring the mid-price band is crucial; dropping below it could signal trend shifts.
Investor Cost Basis Trends
- The average deposit address cost basis on Binance increased from $44,000 to $62,000, indicating accumulation at higher prices.
- New whale investors have an average cost basis of $108,000, which may act as a key support level.
- Miner-linked wallets showed a decline in average cost basis from $58,000 to $54,000, reflecting slight selling pressure.
- Long-term holders maintain a cost basis near $40,000, historically a strong accumulation zone during corrections.
Cost basis levels are closely aligned with price behavior, acting as support or resistance during market fluctuations.