Analyst: Bitcoin Returns to Key Cost Line, Most Short-Term Buyers Have Broken Even

Odaily reported that Grayscale analyst Zach Pandl disclosed data showing that Bitcoin has rebounded more than 20% from its early February low of approximately $63,000. Its current price is around $76,000, which is slightly higher than the average cost (realized price) of recent buyers over the past one to three months, around $74,000. This means most short-term investors have returned to the break-even range.

The analysis suggests that if the price rises further, more recent buyers will enter a profitable state, which is typically considered one of the important signals at the beginning of a bull market. However, Bitcoin remains below its peak from last October. Market sentiment points out that this round of rebound may have formed a relatively solid temporary bottom in the $65,000 to $70,000 range.