Price Analysis

Bitcoin Price Prediction: Can Changing Realised Cap For Coin-Ages Blast BTC To $70,000?

Bitcoin price prediction: Long-term holders selling to newer investors at higher prices to meet growing demand and Bitcoin (BTC) price stabilizes above $65,000 ahead of the halving.
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Bitcoin Price Prediction: Can Changing Realised Cap For Coin-Ages Blast BTC To $70,000?

Highlights

  • Newer investors with a realized cap for coin-ages younger than 3 months account for approximately 44% of the network’s aggregate wealth.
  • Bitcoin upholds support at $65,000 as investors target recovery above $70,000.
  • The crypto market cap generally suffers a 3.61% correction based on Santiment blockchain data.

Bitcoin price prediction shows BTC relatively unchanged in the last 24 hours, hovering at $66,384. The stability the biggest coin is experiencing hints at a potential consolidation period ahead of the next breakout.

During this time, investors are expected to focus on accumulating more BTC, considering the significantly lowered prices from last week’s high atop $71,000.

However, a 30% drop in the 24-hour trading volume, as highlighted by CoinMarketCap data suggests that interest is dimming among traders.

Santiment, a leading blockchain analytics company reckons that “Bitcoin’s drop to as low as $65.5K today has continued to drag down most of #crypto along with it.”

Overall, market caps posted a 3.61% decline while the trading volume plummeted by another 18.84% this week compared to the week before.

If the trend continues, shorting Bitcoin could start to seem attractive and this may cause prices to drop further.

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Assessing The Behaviour Of BTC Coin-Ages Younger Than 3 Months

According to a recently released report by Glassnode, Bitcoin has been changing hands from long-term holders to newer investors who currently account for approximately 44% of the network’s aggregate wealth.

Bitcoin Realised Cap HOLD Waves

Bitcoin’s commendable rally to its currently all-time high of $73,308 has seen long-term holders change tactics, preferring to sell to newer investors to meet the growing demand.

“This uptick in younger coins is a direct result of Long-Term Holders spending their coins at higher prices to satisfy the wave of inflowing demand,” Glassnode researchers wrote on X.

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Bitcoin Price Prediction: Indicators Signal Incoming Uptrend

Traders still sitting on the sidelines may want to know that Bitcoin flaunts several signals that could potentially trigger a significant trend reversal.

For starters, a confluence support at $65,706 formed by the 200-day Exponential Moving Average (EMA) (the purple line on the chart) and the 0.618 Fibonacci ratio means that Bitcoin is leaning strongly toward an immediate recovery.

Bitcoin (BTC) price chart | Tradingview

The Moving Average Convergence Divergence (MACD) indicator’s buy signal calls on traders to buy BTC at the current price level, hinting at a breakout towards $70,000.

Should the 20-day EMA (in blue) resistance come out of the way, Bitcoin price would quickly gain momentum. Nonetheless, it would be prudent to prepare for delays at key resistance areas such as the 50-day EMA (in red), 0.382 and 0.236 Fibonacci ratios as well as the psychological hurdle at $70,000.

On the contrary, losing the confluence support may quickly change the technical outlook, encouraging more people to sell Bitcoin to buy again at lower price points like $62,000 and $60,000 before the halving in April.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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