Bitcoin may need to plunge 15% or more to mark bottom, according to this long-time indicator
With bitcoin testing its 200 week moving average, on-chain data suggests the $50,000 to $54,000 range could become the next key battleground.
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Summary
- Bitcoin’s realized price, currently around $53,457, has historically been breached during every major bear market before a cycle bottom was established.
- Large whale cohorts have a cost basis between roughly $49,000 and $54,300, indicating potential support.
