Crypto analyst and trader Ali Martinez posted a bullish tweet about Bitcoin, where he shared another bullish confirmation signal.
Martínez stated that in the last three years this bullish signal has managed to push Bitcoin to new and impressive price highs.
“Bullish sign shows confidence in BTC’s future performance”
Ali Martinez tweeted that Bitcoin’s realized price indicator has surpassed another important metric: the realized price of the long-term holder. According to Ali’s explanation, this means that the cryptocurrency market is gaining momentum and new investors are arriving, actively accumulating Bitcoin at higher prices than before.
Ali said this is a bullish sign for Bitcoin as it shows “confidence in the future performance of BTC.” He noted that the last three times this event occurred in Bitcoin’s history, BTC surged 819%; 4,474% and a shocking price increase of 12,736%.
Just in case you need another bullish confirmation signal! #Bitcoin’s realized price is now exceeding the long-term holder’s realized price, indicating that the #cryptocurrency market is gaining momentum, with new investors willing to buy at higher prices.
This can be seen as a… pic.twitter.com/emeUZzkS5l
– Ali (@ali_charts) December 6, 2023
The Bitcoin Realized Price Index shows the value of all BTC at the price they last moved at on-chain divided by the amount of BTC circulating in the market. This, in total, shows the “average cost basis” at which all those BTC were purchased. This is another way to describe the realized price of BTC.
Basically, this index shows the average price of all Bitcoins in circulation. However, it is worth noting that the realized price index shows the value of each Bitcoin UTXO when it was last transferred from one blockchain address to another.
As for the long-term holder’s realized price (LTH), it is the average price of the long-term holder’s BTC supply that was valued on the day each coin last moved on-chain.
Samson Mow expresses his $1 million Bitcoin forecast
Jan3 boss Samson Mow has recently said on Twitter/X several times that he believes Bitcoin is capable of ultimately reaching the $1,000,000 level.
According to a tweet posted today, he believes that Bitcoin is rising rapidly as a lot of institutional money is being invested in BTC at low prices. Since the available amount of BTC is drastically decreasing but demand remains strong, the price of BTC is skyrocketing.
Earlier today, Bitcoin broke through the $44,000 level and is now trading at $43,989 after rising over 4% in the last 24 hours.
