Bitcoin

<h2 id="quick-take">Quick Take</h2>
<p><a href="http://cryptoslate.com/coins/bitcoin" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) has seen a noteworthy surge in October, marking a 28% increase and paving the way for it to be the second most lucrative month of the year, tailing behind January’s 40% ascension. One key metric that provides an insightful perspective is the ‘<a href="https://cryptoslate.com/insights/next-cycles-hypothetical-36k-bitcoin-bottom-exploring-historical-data-to-project-future-benchmarks/" rel="noopener noreferrer nofollow">realized price</a>‘, a concept that reveals the mean purchase price for all current Bitcoin owners, thereby countering the effects of volatility.</p>
<p>A closer examination of the yearly cohorts’ on-chain cost basis reveals that all groups, except those who began purchasing in 2021, are in a profitable position.</p>
<figure id="attachment_369224" aria-describedby="caption-attachment-369224" style="width: 100%" class="wp-caption aligncenter"><img class="wp-image-369224 size-full" src="https://cryptoslate.com/wp-content/uploads/2023/10/RP.png" alt="Exchange Average Withdrawal Price: (Source: Glassnode)" width="1800" height="1013" srcset="https://cryptoslate.com/wp-content/uploads/2023/10/RP.png 1800w, https://cryptoslate.com/wp-content/uploads/2023/10/RP-300x169.png 300w, https://cryptoslate.com/wp-content/uploads/2023/10/RP-1024x576.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/10/RP-768x432.png 768w, https://cryptoslate.com/wp-content/uploads/2023/10/RP-1536x864.png 1536w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-369224" class="wp-caption-text">
  Exchange Average Withdrawal Price: (Source: Glassnode)
 </figcaption>
</figure>
<p>Anticipating that the 2021 investor cohort will continue with their dollar-cost averaging strategies, it’s noteworthy that their realized price level has declined from $50,000 to $35,000 over a span of two years. As such, any surge beyond the $35,000 threshold could potentially instigate a round of profit-taking. Therefore, this price level is expected to serve as a short-term resistance, tempering any immediate upward price movement.</p>
<p>In addition, we’ve consistently used the 2023 realized price level as a support, deviating below it just once this year during the SVB collapse in March. However, we promptly rebounded above that level shortly thereafter.</p>
<p>To break it down, the realized prices for the cohorts are as follows: 2017+ ($15,907), 2018+ ($19,352), 2019+ ($22,432), 2020+ ($26,649), 2021+ ($35,053), 2022 ($26,902), and 2023 ($26,790).</p>
<div tabindex="0" role="region">
 <table>
  <thead>
   <tr>
    <th>Cohort Realized Price</th>
    <th>Price Realized Price</th>
   </tr>
  </thead>
  <tbody>
   <tr>
    <td>2017+</td>
    <td>$15,907</td>
   </tr>
   <tr>
    <td>2018+</td>
    <td>$19,352</td>
   </tr>
   <tr>
    <td>2019+</td>
    <td>$22,432</td>
   </tr>
   <tr>
    <td>2020+</td>
    <td>$26,649</td>
   </tr>
   <tr>
    <td>2021+</td>
    <td>$35,053</td>
   </tr>
   <tr>
    <td>2022</td>
    <td>$26,902</td>
   </tr>
   <tr>
    <td>2023</td>
    <td>$26,790</td>
   </tr>
  </tbody>
 </table>
 <div style="margin-top: 8px; text-align: center;">
  <p><em>Realized Price by cohort: (Source: Glassnode)</em></p>
  <p>&nbsp;</p>
 </div>
</div>
<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com/insights/bitcoins-october-surge-leaves-one-buyer-group-in-the-cold/">Bitcoin’s October surge leaves one buyer group in the cold</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptoslate.com">CryptoSlate</a>.</p>

Bitcoin’s October surge leaves one buyer group in the cold

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