BTCUSD cost basis indicates that potentially the downside target is just over USD 12k, with upside of the range currently around USD 24k.
This analysis's is based on 75% of BTC current supply (being around 80% of 21 million) can be traded and around 20% of that supply is more active than HODL or cold wallet volumes. Whether 60% or 75% numbers are used, the lower support line is still around the USD 12-14k mark.
Realised profits and loss calculations indicate that volume shifted in BTC has been due to storage and not profit/loss realisation and exit out of BTC.
The point being that a potential low is forming, but we are not quite there yet.
This analysis's is based on 75% of BTC current supply (being around 80% of 21 million) can be traded and around 20% of that supply is more active than HODL or cold wallet volumes. Whether 60% or 75% numbers are used, the lower support line is still around the USD 12-14k mark.
Realised profits and loss calculations indicate that volume shifted in BTC has been due to storage and not profit/loss realisation and exit out of BTC.
The point being that a potential low is forming, but we are not quite there yet.
