Analyst Targets $47k As Bitcoin’s Next Bottom After Mt. Gox Dump
As Bitcoin’s price plummets to its lowest level since late February, one on-chain analyst predicts a further 16% drop to $47,000 as the next bottom for the leading cryptocurrency.
CryptoQuant author Adel Axel Jr. suggested this week that $47,000 represents a 25% discount from the average purchase price of short-term Bitcoin holders. This figure is based on the average price at which all coins were moved within the past thirty days, as visible on the blockchain.
According to LookIntoBitcoin, the short-term holder realized price was $64,614 as of Wednesday.
“This will be a good resistance point and a shakeout for new buyers,” wrote Axel on X on Thursday. “Previous organic corrections in the bull market lasted between 110 to 60 days.”
The $47K level is 25% below the average purchase price for STH – this will be a good resistance point and a shakeout for new buyers.
Previous organic corrections in the bull market lasted between 110 to 60 days. pic.twitter.com/cmMo5B1pcu
— Axel
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