{"id":517291,"date":"2023-01-24T13:00:17","date_gmt":"2023-01-24T18:00:17","guid":{"rendered":"https:\/\/uniquehot.com\/?p=517291"},"modified":"2024-06-11T11:30:27","modified_gmt":"2024-06-11T11:30:27","slug":"repeat-april-2019-bitcoin-rally-levels","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/repeat-april-2019-bitcoin-rally-levels\/","title":{"rendered":"Repeat Of April 2019? Bitcoin Rally Shows Similar Break Above These Key Levels"},"content":{"rendered":"

On-chain data shows Bitcoin has broken above these three key levels in a manner reminiscent of the rally in April 2019.<\/p>\n

Bitcoin Breakout Shows Initial Similarities To April 2019 Rally<\/h2>\n

According to data from the on-chain analytics firm Glassnode<\/a>, BTC has broken above the three investor cost-basis levels for the first time since the COVID-19 crash and the 2018-2019 bear market. The relevant indicator here is the “realized price,” to understand the concept of the “realized cap<\/a>” it needs to be looked at first.<\/p>\n

The realized cap is a capitalization model for Bitcoin that assumes that each coin in the circulating supply has its real value as the price at which it was last moved rather than the current BTC price (which the normal market cap uses for its calculation).<\/p>\n

Now, from the realized cap, a “realized price<\/a>” can be obtained by dividing the metric by the total number of coins in circulation. Since the realized cap accounted for the prices at which investors bought their coins (which is to say, their cost basis), the realized price can be thought of as the average acquisition price in the market.<\/p>\n

This means that if the normal price of Bitcoin dips below this indicator, the average holder can be assumed to have entered a state of loss. While this realized price is the average cost basis for the entire market, the metric can also be defined for only specific groups of investors.<\/p>\n

The BTC market can be divided into two primary cohorts: short-term holders (STHs) and long-term holders<\/a> (LTHs). Investors who bought their coins within the last 155 days fall into the STHs, while those holding them since before that threshold are included in the LTHs.<\/p>\n

Related Reading: Dogecoin Whale Transfers $5M In DOGE To Coinbase, Bearish Signal?<\/a><\/div>\n

Here is a chart that shows the trend in the Bitcoin realized price for the entire market, as well as for these two holder groups separately, over the last few years:<\/p>\n

\"Bitcoin<\/p>\n

BTC seems to have broken above all these levels recently | Source: Glassnode on Twitter<\/a><\/pre>\n
As the above graph shows, Bitcoin had broken above the STH cost basis and the entire market’s realized price earlier in the latest rally, suggesting that the average STH and the overall average investor was back in profit.<\/p>\n
In the most recent continuation to the rally, the crypto has now surged above the LTH cost basis of $22,400. This means that the average investor in every segment is now in the green.<\/p>\n
Related Reading: Bitcoin Puell Multiple Starts To Leave Bear Market Zone, Bull Rally Here?<\/a><\/div>\n
The last time Bitcoin displayed a breakout above all these levels was following the black swan COVID-19 crash, which had briefly taken the coin below these prices.<\/p>\n
A similar trend also formed in April 2019, when the bear market of that cycle ended, and a bullish transition took place. Though it’s early to tell right now, this similarity between the two rallies could hint about the path that the current one might also end up following.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $22,900, up 8% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like BTC has been moving sideways in the last few days | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/div>\n","protected":false},"excerpt":{"rendered":"
On-chain data shows Bitcoin has broken above these three key levels in a manner reminiscent of the rally in April 2019. Bitcoin Breakout Shows Initial Similarities To April 2019 Rally According to data from the on-chain analytics firm Glassnode, BTC has broken above the three investor cost-basis levels for the first time since the COVID-19 crash and the 2018-2019 bear market. The relevant indicator here is the “realized price,” to understand the concept of the “realized cap” it needs to be looked at first. The realized cap is a capitalization model for Bitcoin that assumes that each coin in the circulating supply has its real value as the price at which it was last moved rather than the current BTC price (which the normal market cap uses for its calculation). Now, from the realized cap, a “realized price” can be obtained by dividing the metric by the total number of coins in circulation. Since the realized cap accounted for the prices at which investors bought their coins (which is to say, their cost basis), the realized price can be thought of as the average acquisition price in the market. This means that if the normal price of Bitcoin dips below this indicator, the average holder can be assumed to have entered a state of loss. While this realized price is the average cost basis for the entire market, the metric can also be defined for only specific groups of investors. The BTC market can be divided into two primary cohorts: short-term holders (STHs) and long-term holders (LTHs). Investors who bought their coins within the last 155 days fall into the STHs, while those holding them since before that threshold are included in the LTHs. Related Reading: Dogecoin Whale Transfers $5M In DOGE To Coinbase, Bearish Signal? Here is a chart that shows the trend in the Bitcoin realized price for the entire market, as well as for these two holder groups separately, over the last few years: BTC seems to have broken above all these levels recently | Source: Glassnode on Twitter As the above graph shows, Bitcoin had broken above the STH cost basis and the entire market’s realized price earlier in the latest rally, suggesting that the average STH and the overall average investor was back in profit. In the most recent continuation to the rally, the crypto has now surged above the LTH cost basis of $22,400. This means that the average investor in every segment is now in the green. Related Reading: Bitcoin Puell Multiple Starts To Leave Bear Market Zone, Bull Rally Here? The last time Bitcoin displayed a breakout above all these levels was following the black swan COVID-19 crash, which had briefly taken the coin below these prices. A similar trend also formed in April 2019, when the bear market of that cycle ended, and a bullish transition took place. Though it’s early to tell right now, this similarity between the two rallies could hint about the path that the current one might also end up following. BTC Price At the time of writing, Bitcoin is trading around $22,900, up 8% in the last week. Looks like BTC has been moving sideways in the last few days | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Glassnode.com<\/p>\n","protected":false},"author":542,"featured_media":517318,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,84666,6481,86297,84852,1119,1144],"class_list":["post-517291","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-long-term-holders","tag-bitcoin-rally","tag-bitcoin-realized-price","tag-bitcoin-short-term-holders","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nRepeat Of April 2019? 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/uniquehot.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Repeat Of April 2019? Bitcoin Rally Shows Similar Break Above These Key Levels","url":"http:\/\/uniquehot.com\/news\/repeat-april-2019-bitcoin-rally-levels\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/repeat-april-2019-bitcoin-rally-levels\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/kanchanara-rhm7H8X5J98-unsplash-1-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/01\/kanchanara-rhm7H8X5J98-unsplash-1-scaled.jpg?fit=2560%2C1703"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin long-term holders","bitcoin rally","bitcoin realized price","bitcoin short-term holders","btc","btcusd"],"dateCreated":"2023-01-24T18:00:17Z","datePublished":"2023-01-24T18:00:17Z","dateModified":"2024-06-11T11:30:27Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Repeat Of April 2019? 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