Quick Take
- CryptoSlate has extensively covered the cost basis metric, but the next indicator we are looking at is realized price going above the long-term holder cost basis.
- This occurred in each of the four bear markets roughly 3-6 months after the short-term cost basis flipped the long-term holder cost basis.
- Each image shows the bear market, with the black circle going above LTH cost basis, and then the green circle shows realized price going above LTH RP.
- This further supports our thesis that Bitcoin could tend to crab sideways in price in the short term until the realized price goes above the LTH cost basis.
- Consolidation and accumulation under the $30,000 resistance are healthy, and the longer this occurs, the healthier it is for price appreciation in the long-term.
The post Market Analysis: Bitcoin to continue to move sideways in the short-term appeared first on CryptoSlate.
Source: https://cryptoslate.com/insights/market-analysis-bitcoin-to-continue-to-move-sideways-in-the-short-term/