Bitcoin Price Drops Below STH Realized Price Risking 10% Correction

After a promising start to September, Bitcoin's price has returned to its early-month levels. Despite anticipation for a positive "Uptober," recent on-chain data suggests potential downward pressure.

A prominent analyst indicates BTC might face an additional 10% decline, having fallen below a crucial support level.
On-chain analyst Burak Kesmeci noted that BTC broke beneath the Short-Term Holder (STH) Realized Price—roughly $111,500—for the fourth time this year.
The STH Realized Price measures the average purchase cost for investors holding BTC less than 115 days and serves as a support/resistance level.
Past instances of BTC falling below the STH Realized Price led to consolidation phases with an average duration of 77 days and about a 10% decrease in value.
The current BTC price is approximately $109,538, showing stability over the last day.

Kesmeci suggests BTC might enter a correction phase if it remains below the STH Realized Price, potentially leading to a 10% market loss within two to three months.

Bitcoin price