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BTC $67,344.73 +0.67%
ETH $2,057.12 +0.29%
BNB $592.75 +0.68%
XRP $1.32 -0.46%
SOL $80.84 +0.64%
TRX $0.3173 +0.79%
DOGE $0.0922 +0.18%
ADA $0.2475 -0.66%
BCH $441.60 -0.24%
LINK $8.69 -0.05%
HYPE $36.14 +1.37%
AAVE $94.67 +0.23%
SUI $0.8695 -0.82%
XLM $0.1613 -1.38%
ZEC $251.76 +7.09%

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first_img Analysis: The trading price of Bitcoin is still about 21% higher than its realized price, and no bottom signals have yet appeared

According to CoinDesk, the gap between Bitcoin's spot price and its realized price (the average cost basis of all on-chain tokens weighted by their last transaction time) is narrowing, approaching the levels seen at the bottoms of past cycles. However, on-chain data shows that the market has not yet experienced a typical capitulation sell-off. Currently, Bitcoin's realized price is about $54,286, the spot price is about $68,774, and the premium is about 21%. The bottom signal of the 2022 bear market was when the spot price fell below the realized price, which occurred when the spot was about 15% lower than the realized price at the cycle low.The current 21% premium indicates that the average holder is still in profit. To reach the realized price, Bitcoin would need to drop about 20% to $54,000. Notably, the speed of the premium's contraction, from about 120% at the end of 2024 to 21% after 15 months, is the fastest approach to the realized price line outside of a market crash.Other on-chain signals also indicate that the market has not completed its reset: the Coinbase premium index has returned to negative values, suggesting weakened institutional demand. Analysts believe that although Bitcoin has maintained a range of $65,000 to $70,000 for five weeks, the inflow of over $1 billion into ETFs in March shows there are buyers, but the market has not yet gone through the painful process that historically marks a bottom.

Goldman Sachs analysts: Bitcoin prices may have reached the bottom of this cycle, but trading volume may decline further

According to Forbes, Goldman Sachs analyst James Yaro stated in a research report that the decline in Bitcoin and the cryptocurrency market has roughly reached the historical average level from peak to trough in this cycle. In recent weeks, Bitcoin and cryptocurrency-related stocks have shown volatility but are trending towards stability. However, Yaro warned that trading volume may decline further, and in a low trading volume environment, Bitcoin prices are prone to significant fluctuations, making any rebound difficult to sustain.He pointed out that trading volume typically remains at a low for about three months before showing a noticeable recovery. If trading volume continues to decline, cryptocurrency companies' revenues may decrease by 2% and profits by 4% in 2026. Goldman Sachs currently rates Robinhood, Figure Technologies, and Coinbase as "buy," with the stock prices of these three companies down at least 50% from their historical highs. Yaro stated that digital asset-related targets are presenting increasingly attractive entry points.Goldman Sachs CEO David Solomon revealed last month at the World Liberty Forum held at Trump's Mar-a-Lago in Florida that he holds a small amount of Bitcoin, marking a shift in his stance for 2024. This week, Bitcoin prices fell back to around $60,000, and Trade Nation senior market analyst David Morrison noted that Bitcoin previously faced resistance and retreated around $72,000. Currently, the daily MACD indicator is flattening at a neutral level, and the short-term trend direction remains unclear.
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