Strong

Bitcoin

Rise

<p class="p1" style="text-align: justify">Glassnode, the on-chain data analysis platform, has released its latest analysis to the public. According to the company’s analysts, <a href="https://en.coin-turk.com/traditional-finance-giants-step-into-crypto-spurring-bright-future-for-bitcoin/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>, which gained nearly 30% in October, will end 2023 as it began. The analysts argued in the latest edition of Glassnode’s weekly bulletin, The Week On-Chain, published on October 24th, that the rising trend in &lt;a href="https://en.coin-turk.com/cryptocurrency-<a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">market</a>-update-the-latest-on-bitcoin-xrp-and-litecoin/”&gt;BTC prices last week formed the basis for this prediction. Let’s examine the important data highlighted in the bulletin together.</p>
<h2 class="p1" style="text-align: justify" id="bitcoin-in-october">Bitcoin in October</h2>
<p class="p1" style="text-align: justify">Bitcoin, reaching up to $35,200 this week, surpassed various important trend lines that had previously served as support for months. These lines include various moving averages, including the 200-week simple moving average at $28,400, which is the classic bear market support level. Glassnode analysts commented on the matter:</p>
<blockquote>
 <p class="p1" style="text-align: justify">“The cluster of long-term simple moving average price levels is around $28,000 and provided resistance to the market throughout September and October. After a month of gains, the bulls found enough strength this week to convincingly surpass the 111-day, 200-day, and 200-week averages.”</p>
</blockquote>
<p class="p1" style="text-align: justify"><img decoding="async" class="aligncenter wp-image-270885 size-full" src="https://coin-turk.com/wp-content/uploads/2023/10/btc-teknik-analiz.webp" alt="" width="1205" height="678"></p>
<h2 class="p1" style="text-align: justify" id="increased-investor-profitability">Increased Investor Profitability</h2>
<p class="p1" style="text-align: justify">During this period of significant movement, the rise of Bitcoin has led to a substantial increase in the profitability of various investor groups. The cost base of market makers and investors who entered the market during the rise is around $28,000. The Week On-Chain summarizes this topic as follows:</p>
<blockquote>
 <p class="p1" style="text-align: justify">“The cost base of Short-Term Holders (STH) is currently at $28,000, which puts the average new investor at an average profit of 20%.”</p>
</blockquote>
<p class="p1" style="text-align: justify">Glassnode analysts uploaded a chart of the Short-Term Holder Market Value to Realized Value (STH-MRVR) ratio, which tracks the profitability of STH assets. According to researchers, even before the rise in October, no capitulation behavior was observed.</p>
<blockquote>
 <p class="p1" style="text-align: justify">“Between 2021 and 2022, we can see examples of STH-MVRV reaching relatively deep corrections of 20% or more. Although the sell-off in August reached as low as -10%, it is noteworthy how shallow this MVRV drop was compared to previous ones. This indicates that the recent correction found significant support and serves as a precursor to this week’s rally.”</p>
</blockquote>
<p><img decoding="async" class="aligncenter wp-image-270884 size-full" src="https://coin-turk.com/wp-content/uploads/2023/10/btc-sth-veri.webp" alt="" width="1194" height="672"></p> Continue Reading: <a href="https://en.coin-turk.com/bitcoins-rise-in-october-glassnode-analysts-predict-a-strong-finish-to-2023/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/bitcoins-rise-in-october-glassnode-analysts-predict-a-strong-finish-to-2023/</a>

Bitcoin’s Rise in October: Glassnode Analysts Predict a Strong Finish to 2023

Table of Contents

COINTURK NEWS

Other articles published on Oct 27, 2023

Scammers clone Blockworks site to drain crypto wallets

Over $4.5B Worth of Bitcoin and Ethereum Options Set to Expire

Update your WEVER ERC-20 tokens

The Future of SNDL Stock: What to Expect in 2023 and Beyond?

Roobet Celebrates Nippon Baseball Championship with $1,000,000 Free-to-Play Contest

Double Celebration: 15th Anniversary of Bitcoin Whitepaper & Halloween Activities

Join our free newsletter for daily crypto updates!