- Big gains anticipated if the king coin manages to breach the $27,900-mark.
- 10-year-old dormant Bitcoins recently moved on-chain.
The crypto market remained subdued over the weekend, with the king coin Bitcoin [BTC] chugging along the upper $27,000 level for most parts, data from CoinMarketCap revealed. The world’s largest crypto asset has failed to make a decisive move past the $28k level in the last six weeks.
Read Bitcoin’s [BTC] Price Prediction 2023-24
Big move incoming?
However, in what could be music to the ears of Bitcoin maximalists, a popular on-chain analyst anticipated strong northward movement in the days ahead.
CryptoQuant author Maartunn drew attention to the historical relationship between Bitcoin’s spot price and the short-term holder realized price (STH-RP). Previous occurrences in 2023 revealed a substantial upward surge for Bitcoin following the intersection with STH realized price.
The analyst said that Bitcoin was flirting with the next level of interest, $27,900, and was confident of big gains ahead if the king coin manages to breach it.
Source: CryptoQuant
The STH RP calculates the average price at which Bitcoin was purchased by investors who held their holdings for less than 155 days. It has historically served as a reliable support level, with moves below it resulting in significant correction.
Having said that, it has also acted as a resistance barrier with breakouts leading to more sustainable surges, as highlighted earlier. These occurrences have lent empirical support to the predictive power of the STH RP.
Old supply becomes active
Meanwhile, the world of Bitcoin continued to fascinate market observers. A Bitcoin stash worth nearly $6 million, which was dormant for 10 years, recently moved on the network, as per a post by Maartunn.
Satoshi, are you there
10-year old Bitcoin has moved onchain. A transaction of 212 $BTC was sent in block 811244
https://t.co/baaCkhb1rf pic.twitter.com/OyNTLXyqOF— Maartunn (@JA_Maartun) October 8, 2023
Given Bitcoin’s explosive growth over the last decade, someone was about to laugh all the way to the bank.
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Expected headwinds
At the time of writing, BTC exchanges hands at $27,908, with a marginal drop of 0.12% in the 24-hour period. However, the ramifications of the escalated Israel-Palestine conflict loomed large over the broader market.
Notably, if Bitcoin miners in Israel run into problems, then there is no denying that the amount of BTC produced would fall drastically. This would, in turn, cause unprecedented price fluctuations, and would likely cast a pall on Maartunn’s above predictions.
Inasmuch, Shivam Thakral, CEO of Indian crypto exchange BuyUcoin, noted,
“Israel is an active player in Bitcoin mining and other blockchain-related activities and any disruption in the mining process may result in BTC hash rate going through the roof.”
