Bitcoin Poised to Finish 2023 Strong: A Bullish Rally That Will Leave You Saying “BTC, You Rock!”

Bitcoin Eyes Resurgence in 2023 as 26% Uptober Spike Sparks Uptrend, Analysis Finds

Bitcoin is starting its upward trend in 2023 with a 26% price gain in October, according to research.

Listen up, digital asset investors, because Bitcoin (BTC) is about to end 2023 with a bang! According to the on-chain analytics firm Glassnode, this crypto superstar is set to close out the year just like it began—on a high note. In fact, Bitcoin’s October gains are nearing a whopping 30%! Now that’s what I call a crypto rollercoaster ride!

In their latest newsletter, aptly titled “The Week On-Chain,” Glassnode researchers argued that the past week has laid the solid groundwork for a bullish streak in BTC prices. And boy, did Bitcoin rise to the challenge! It smashed through various key resistance levels, leaving them in the dust like a speed demon on a rocket-powered scooter.

Imagine Bitcoin as a rebellious teenager breaking free from the chains of support lines that held it back for months. They cleared the 111-day, 200-day, and even the mighty 200-week moving averages (MA). It’s like Bitcoin said, “Long-term averages, move aside! Bitcoin is here to shake things up!”

To put it into perspective, these moving averages, especially the classic “bear market” support line at $28,400, had been acting as a pesky roadblock for Bitcoin. But not anymore! This crypto sensation had enough strength to convincingly beat them down and charge ahead. It’s like watching a superhero flick where the underdog magically transforms into a powerful force that can’t be stopped.

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And hey, that’s not all! As Bitcoin soared higher, the profitability of various investor cohorts skyrocketed as well. The average cost basis of both speculators and market newcomers is sitting pretty at around $28,000, and they’re grinning like Cheshire cats with average profits of +20%. Who would have thought that crypto could make investors this giddy?

Glassnode even uploaded a chart showcasing the short-term holder market-value-to-realized-value (STH-MVRV) ratio, which measures the profitability of short-term holder coins. And guess what? The recent correction didn’t show any signs of major panic selling. It’s like Bitcoin’s dip was just a small blip on the radar, setting the stage for an epic rally.

But wait, there’s more! The battle between short-term holders (STHs) and long-term holders (LTHs) has reached historic proportions. LTHs, despite their own struggles with profitability, now own more than three-quarters of the available BTC supply for the first time ever. It’s like the wise old sages of crypto have taken the reins and are leading the charge, while the rest of us are just trying to keep up.

Sure, some skeptics believe that Bitcoin might still retrace back to that magical area around $20,000. But Glassnode isn’t buying it. They’re the eternal optimists, believing in the bright future of Bitcoin. And why shouldn’t they? A significant chunk of supply and investors find themselves above the average break-even price, and that’s a solid foundation for a roaring 2023.

So, my fellow crypto enthusiasts, keep your eyes peeled. These next few weeks are crucial. Bitcoin has crossed multiple key levels, anchoring investor psychology in its favor. It’s like watching a battle between Jedi knights and Sith lords, with Bitcoin determined to come out on top. Will it achieve greatness? Only time will tell, but one thing’s for sure—Bitcoin is rocking the crypto world, and we’re here for the show!

Now, what are you waiting for? Grab your popcorn, buckle up, and join the hype. Bitcoin’s epic journey is far from over, and you definitely don’t want to miss out on the action. Trust me, it’s going to be a wild ride!

So, fellow crypto enthusiasts, are you ready to buckle up and join the Bitcoin rollercoaster ride? Let me know what you think in the comments below!

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