Bitcoin's next rally may be imminent, on-chain analyst points out
On-chain data shows that an imminent Bitcoin rally could drive its price up to $32,000, says Glassnode lead-analyst James Check. After a long period of unusually low volatility, Bitcoin's next major price move is likely imminent and could drive BTC to $32,000, according to James Check, the lead on -chain analyst at Glassnode. That price level is where Bitcoin’s “true cost basis is sitting,” Check explained in an exclusive interview with Cointelegraph. To calculate Bitcoin's average cost basis – the average price at which BTC was bought – Check and his team removed the coins that are lost forever from the calculation and focused on active Bitcoin investors. “It's where the mean reversion level would be, so a rally to that level, to be honest, wouldn't surprise me,” he said. Despite this bullish scenario, Check also points out there is likely a large number of investors who are tired of the bear market and are waiting for Bitcoin to reach that level before sellin...
