According to recent research, Bitcoin (BTC) may offer investors a unique opportunity to purchase at a support zone with a "100% long hit rate."
Bitcoin's price remains relatively stable at $26,000, but there is no shortage of market participants anticipating further BTC price declines.
The amount of $25,000 continues to be a popular goal, but for Capriole, the longer-term trend lines with the more spectacular histories are of greater interest.
The weekly support zone for Bitcoin at $24,000 and its so-called "Electrical Price" (EP) are among the most important factors. The current value of this metric, which refers to the typical cost of producing one Bitcoin in terms of electricity, is little more than $23,000.
The fall in Bitcoin's price to two-year lows in November 2022 was not an aberration to the pattern of EP serving as solid support on extended timeframes throughout the history of the cryptocurrency. In December of the previous year, EP reached lows just slightly above $14,000.
Capriole says this translates to EP having a "historically hard price floor and level with a 100% long hit rate."
It was written that "together these price points give very strong confluence from both a fundamental and technical perspective to the opportunity that $23-24K presents, should we get there," about the technical weekly level and the EP, respectively.
Additionally, in a following X post, Capriole referred to the trend lines for Bitcoin as "promising and rare structures" that are "worth paying attention to."
In continuation, the inventor of Capriole, Charles Edwards, stated that $23,000 should function as "rock solid support."
He informed X subscribers on that day, "I am feeling very confident in $23K being a rock solid support and an incredible long-term opportunity if we get there in the next few weeks," on that day.
"Electrical Cost has a perfect track record over Bitcoin's existence. It is the Bitcoin measure that I look at most frequently over the long haul.
Possible Future Strife for Bitcoin Miners?
Before the start of Wall Street on August 29, 2018, data provided by Cointelegraph Markets Pro and TradingView indicated that the BTC/USD exchange rate hovered around the general area of $26,000.
James Straten, a research and data analyst at the cryptocurrency analytics firm CryptoSlate, made his prediction after examining miners' financial health. The prognosis was based on the findings of this analysis. The market was establishing the groundwork for its subsequent bull run at the time, and Straten's prognosis was accurate.
"The money that is currently being generated by Bitcoin miners is somewhere around $25.5 million.""It is important to note that we are only marginally above the 365-day simple moving average of $22.5M," he remarked."The playbook for 2019 comes to mind when I see that," the expert said. Should drop below in quite quick time."
The supplementary data, which originated from a startup for on-chain analytics known as Glassnode, revealed that miners will continue to earn less than their annual average until 2020.
Dylan LeClair, a senior analyst at the digital asset fund UTXO Management, was the one who initially did the research, and Straten expanded on that research. The occurrence was something that LeClair referred to as a "tradition."
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