Bitcoin To $53,200? Why History Says It’s Possible
Summary
Bitcoin's price has dropped below $68,000, but the realized price for short-term holders is around $53,200, indicating they are still in high profits. In previous bull markets, short-term holders' average cost basis was reset multiple times, often resulting in the cryptocurrency finding support and turning around. This trend may be due to the fickle nature of short-term holders, who tend to panic and react when a retest of their cost basis occurs. Despite the recent drop, Bitcoin is trading at around $67,700.
