Citing empirical data, a popular on-chain analyst anticipated strong northward movement for Bitcoin in the days ahead.
But will the Israel-Palestine conflict cause problems?revealed. The world’s largest crypto asset has failed to make a decisive move past the $28k level in the last six weeks.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.drew attention to the historical relationship between Bitcoin’s spot price and the short-term holder 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.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.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.
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.“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.”Aniket is a full-time journalist at AMB Crypto.
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