{"id":52245,"date":"2023-05-30T17:15:45","date_gmt":"2023-05-30T17:15:45","guid":{"rendered":"http:\/\/egrowonline.com\/?p=52245"},"modified":"2023-05-30T17:15:45","modified_gmt":"2023-05-30T17:15:45","slug":"bitcoins-next-rally-may-be-imminent-on-chain-analyst-points-out","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=52245","title":{"rendered":"Bitcoin&#8217;s next rally may be imminent, on-chain analyst points out"},"content":{"rendered":"<p> <br \/>\n<br \/><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=840\/https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/25b4cc1e-f2eb-4b2a-b8b9-90f1aee8e048.jpg\" \/><\/p>\n<div data-v-2f4c2c70=\"\">\n<p>After a long period of unusually low volatility, Bitcoin&#8217;s next major price move is likely imminent and could drive BTC to $32,000, according to James Check, the lead on-chain analyst at Glassnode. That price level is where Bitcoin\u2019s \u201ctrue cost basis is sitting,\u201d Check explained in an exclusive interview with Cointelegraph.\u00a0<\/p>\n<p>To calculate Bitcoin&#8217;s average cost basis \u2013 the average price at which BTC was bought \u2013 Check and his team removed the coins that are lost forever\u00a0from the calculation and focused on active Bitcoin investors.\u00a0<\/p>\n<p>\u201cIt&#8217;s where the mean reversion level would be, so a rally to that level, to be honest, wouldn&#8217;t surprise me,\u201d he said. <\/p>\n<p>Despite this bullish scenario, Check also points out there is likely a large number of investors who are tired of the bear market and are waiting for Bitcoin to reach that level before selling, thus putting pressure on the price.\u00a0<\/p>\n<p>\u201cThat&#8217;s an area where you start getting more resistance,&#8221; he pointed out.\u00a0<\/p>\n<p>To find out more about the chances of an upcoming Bitcoin rally, check the <a target=\"_blank\" href=\"https:\/\/youtu.be\/OXncUAeFzzQ\" rel=\"noopener nofollow\">full interview<\/a> on our YouTube channel and don\u2019t forget to subscribe! <\/p>\n<\/div>\n<p><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/bitcoin-s-next-rally-may-be-imminent-on-chain-analyst-points-out\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>After a long period of unusually low volatility, Bitcoin&#8217;s next major price move is likely imminent and could drive BTC to $32,000, according to James Check, the lead on-chain analyst at Glassnode. That price level is where Bitcoin\u2019s \u201ctrue cost basis is sitting,\u201d Check explained in an exclusive interview with Cointelegraph.\u00a0 To calculate Bitcoin&#8217;s average [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":52246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[37],"tags":[646,1093,6629,1372,3259,213],"class_list":["post-52245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-analyst","tag-bitcoins","tag-imminent","tag-onchain","tag-points","tag-rally"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/05\/25b4cc1e-f2eb-4b2a-b8b9-90f1aee8e048.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/52245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=52245"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/52245\/revisions"}],"predecessor-version":[{"id":52247,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/52245\/revisions\/52247"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/52246"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=52245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=52245"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=52245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}