Cryptocurrency analytics platform Alphractal has identified $46,460 as a potential new price floor for Bitcoin in the near future.
The platform explained in a statement that this figure represents the “Real Market Average Price,” a key metric that reflects Bitcoin’s weighted average network price.
Alphractal emphasized the importance of the Real Market Average Price and recalled its role during past market movements, particularly during the “China Dump” in May 2021. At the time, this metric provided support to Bitcoin for two months, eventually leading to Bitcoin reaching new all-time highs.
According to Alphractal, Bitcoin demand has fallen sharply since March 2024. Market makers appear to be trying to push the price down, making the Real Market Average Price a critical indicator to watch. The platform noted that a smart Dollar Cost Averaging (DCA) strategy would involve closely monitoring this metric, as it has proven to be more reliable than the Realized Price, especially since it excludes mining-related coins.
*This is not investment advice.
Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data!
Source: https://en.bitcoinsistemi.com/analytics-company-reveals-the-level-at-which-it-expects-bitcoin-price-to-plummet-and-find-a-bottom/