According to the expert, in previous cycles, Bitcoin's bottom was in the range of 1.05-1.18x CVDD, or approximately $48,500-$54,500. This suggests that the market has not yet bottomed.According to the expert, for the trend to reverse, the asset must reach several key zones. These are: median realized price: $64,100;
short-term holders' average purchase price (STH Cost Basis): $75,400;
true market mean (True Market Mean): $77,500;
200-day moving average (200DMA): $79,000;
50-week moving average (50WMA): $93,300.
To summarize, Bitcoin hasn't yet bottomed out, but it's close. If the trend worsens, a drop to deep capitulation is possible, but the Glassnode co-founder considers this scenario unlikely. Further growth depends on breaking and maintaining support levels, the closest of which is above $75,000. #BTC As the expert noted, on the evening of June 5, the price fell below the breakeven level for the average holder for the first time since December 2022. He uses two concepts: the ratio of the current market price to the median realized price (Median MVRV) and the 200-week moving average (200WMA).
The first figure is $64,100. This is the hypothetical breakeven level for a hypothetical holder. It represents the median average price at which coins last moved. The market price is below this level. Bitcoin has traded within this range for only about 7% of all days in its history.
