After a disappointing performance during the week, Bitcoin price continued its sluggish move over the weekend. According to data from CoinGecko, the major cryptocurrency has been hovering around the $102,000 level over the past 24 hours.
While the current choppy price action appears to be an improvement from the sharp downturn seen in recent days, it is not bringing particularly calm to the world’s largest cryptocurrency. Interestingly, the latest on-chain data suggests that Bitcoin price may still be at risk of further correction in the coming days.
Why BTC price may find bottom at around $95,000
In a November 8 post on social media platform X, on-chain analyst Burak Kesmişi said anticipation Local bottom of Bitcoin price. According to a cryptocurrency expert, the flagship cryptocurrency could fall as low as $95,000 before seeing relief and possibly rebounding to new price highs.
Related reading
The relevant measure here is the lifetime range of the realized price of Unspent Transaction Output (UTXO), which assesses the holding pattern of different investor classes through their different realized prices. The UTXO metric of age ranges tracks the average price at which Bitcoin holders bought their coins compared to how long they held the assets.
The age ranges that Kesmeci’s analysis focuses on are the 1-week to 1-month cohort (green line) and the 1-month to 3-month cohort (purple line), which provide insight into short-term shareholder behavior and overall market sentiment. According to the on-chain analyst, the green line will cross below the purple line three times in 2025.
Kesmeci noted that this crossover often precedes short-term corrections, including corrections seen on February 24 ($99,000 to $76,000) and September 8 ($117,000 to $109,000). Likewise, this crossover occurred on November 1, where the price of Bitcoin dropped from $110,000 to $99,000.
Furthermore, the average decline experienced by the Bitcoin price on these three occasions is around 13.3%, with a consolidation period of 45 days. Based on this historical pattern, Kesmeci expects the Bitcoin price bottom to form around the $95,000 and $96,000 area after the recent crossover of the 1-week to 1-month range below the 1- to 3-month range.
Al-Kashmaji concluded:
In short, long-term investors are in the red, which is an undesirable situation for a bull cycle. However, if history repeats itself, Bitcoin may once again “catch its breath” in this area and pave the way for a new high.
Bitcoin price at a glance
As of this writing, Bitcoin’s price is around $102,440, reflecting a roughly 1% decline in the past day.
Related reading
Featured image from iStock, chart from TradingView
The post Bitcoin UTXO Age Bands Put Local Bottom At $95K — Here’s Why first appeared on Investorempires.com.
