BTC Price Surpasses the Profitable Threshold of $34.7K, Blessing Bitcoin Exchange Users

Bitcoin exchange users rejoice as BTC price surpasses $34.7K, marking a significant profit for traders.

Bitcoin Investors: “In the Black” and Clawing Back Losses

Ladies and gentlemen, grab your laughing hats and hold onto your hats of skepticism, because we have some news that will make you jump for joy like a kangaroo on a trampoline. It seems that Bitcoin, the digital gold of the cryptocurrency world, has brought a smile to the faces of investors once again.

According to the latest data from on-chain analytics firm Glassnode, the average profit for Bitcoin buyers is now as steady as a ninja walking on a tightrope. Yes, you heard that right. The average purchase price of Bitcoin on exchanges since 2017, dear investors, is in the black. Cue applause.

But wait, there’s more! Bitcoin, the superhero of the digital asset world, has done more than just turn a profit for the lucky investors who hopped on the bandwagon at $30,000. Oh no, it’s even better. If you’re one of those early birds who bought Bitcoin at a lower price and held onto it with the grip of a toddler holding onto a shiny toy, then you, my friend, are in for a big treat.

Glassnode has uncovered the secret sauce of profitability. Brace yourselves for this juicy revelation: the magic number to turn a profit on your Bitcoin investment is a jaw-dropping $34,700. That’s right, folks. If you withdrew Bitcoin from a major exchange since the beginning of 2017, you are now up in dollar terms. It’s like finding a hidden treasure chest filled with gold coins while strolling through a virtual jungle.

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But let’s not forget the daring adventurers who traveled back in time to the glory days of Bitcoin’s last bull run. Those brave souls who witnessed BTC/USD hit record highs of $69,000 are now floating on cloud nine as the current prices have soared above all the post-2017 cost basis lines. It’s like watching a spaceship blast off to the moon, leaving everyone back on Earth in awe.

Checkmate, the lead on-chain analyst at Glassnode, couldn’t contain his excitement and declared in a tweet, “The average withdrawal price for Bitcoin investors across all yearly classes are now in profit. This is the ‘DCA cost basis’ for the average investor who started accumulating from January 1st of each year. The Class of 2021 takes the crown with the highest entry price at $34.7k.” It’s as if the class of 2021 has won the cryptocurrency Olympics with their stellar Bitcoin investment strategy.

Now, if you’re an investor with a technical ear, you might be wondering how this all fits into the bigger picture. Fear not, dear reader. We’ve got you covered. You see, the exchange withdrawal realized price has become a new key player in the Bitcoin price range. It stands proudly alongside the current BTC price and reflects the profitability mark for the bull market buyers of 2021. It’s like hanging out with two fashion icons who always make sure their outfits are on point.

And guess what? That profitability mark, my friends, lies at a staggering $39,000, a level that even the great Credible Crypto would approve of. This level not only marks the return to profit for the 2021 bull market buyers but also sets the lower bound of Credible Crypto’s pre-halving BTC price target range. Oh, and did we mention that the halving is just around the corner? Brace yourselves for the explosion of Bitcoin fireworks next April.

In the midst of all this excitement, James Van Straten, the research and data analyst at CryptoSlate, brings us even more good news. He revealed that the total Bitcoin realized price, representing the complete acquisition cost of the BTC supply, has reached a new all-time high. It’s like a rollercoaster climbing to the sky, reaching heights never seen before.

But that’s not all! Short-term holders’ (STH) coins, those little rascals that have moved in the past 155 days, are also in the game. Their acquisition cost has skyrocketed, setting a new record. The total realized price and STH realized price are now standing approximately $10,000 apart. It’s like watching the tortoise and the hare in a thrilling race to the finish line.

And so, dear Bitcoin enthusiasts, the crypto story continues to unfold with twists and turns, surprises, and rewards. The digital asset world is not for the faint of heart, but for those who dare to dream big and hold on tight, the rewards can be out of this world.

So, keep your eyes on the charts, your fingers on the keyboard trading away, and your hearts filled with laughter as Bitcoin dances its way to new heights. Enjoy the ride, my friends, and may the laughter and profits never cease!

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