Bitcoin, the queen of cryptos, is showing a new upward trend in 2023. A recent analysis from Glassnode reveals a notable rise and anticipates a promising future for the rest of the year.
The meteoric resumption of the Bitcoin uptrend
Bitcoin looks set for an impressive recovery in 2023. According to Glassnode’s latest weekly bulletin, titled “ The Week On-Chain“, the queen of cryptos recorded an increase of almost 30% in October. This rise, according to the report, sets the stage for an upward trend for the rest of the year.
Analyzing Bitcoin’s development, Glassnode notes that its price reached $35,200 this week, crossing important moving average thresholds, including the 200-week simple moving average at $28,400. This indicator, considered the classic support line of a “bear market”, has been clearly broken.
“ A set of long-term simple moving averages is established around $28,000 and had been a resistance point for the market through September and October. ”, noted Glassnode.
This recent rise also indicates that many investors are seeing their return on investment increase, particularly those who entered the market at levels around $28,000.
“ The profitability bar for short-term holders (STH) is now above $28,000, allowing the recent investor to record a profit of approximately +20%“, adds “The Week On-Chain”.
Outlook for long-term holders
Long-term holders (LTH) have historically been the backbone of the Bitcoin market, holding a large share of the circulating supply. They currently hold more than three quarters of the overall supply, as highlighted by report from Cointelegraph.
Although their average acquisition price is around $20,000, current market dynamics instill optimistic sentiment for Bitcoin’s performance in the months to come.
Glassnode noted that a “ significant proportion of supply and investors are now above the average equilibrium price of $28,000 “. This trend reinforces positive sentiment, reinforcing investor psychology with a bullish outlook.
Despite market uncertainties, Bitcoin illustrates its robustness and potential for 2023. Current signals, particularly the confidence of long-term holders, suggest a calm future. However, faced with market volatility, it remains essential to keep an eye on short-term developments.
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