Okay, so Bitcoin is down a little, alright? Like, from $124,000…which, honestly, who even *has* that much money? It’s at $110,219 now. A 2% drop! It’s practically a crash! 📉 People are freaking out. Just, you know, a little bit.
And now these “analysts” are looking at… “on-chain data.” What *is* on-chain data? Is it like, a digital paper trail? Sounds messy. Anyway, this CryptoOnchain guy – great name, by the way, very trustworthy – is saying something about MVRV Price Bands. It’s a “metric.” Of course it is. Everything’s a metric these days. 🙄
Apparently, Bitcoin is “positioned” above these bands, which means…something good. Or maybe not. It’s vague! The guy says there’s “room for continued growth *and* potential volatility.” So, it could go up, or it could go down. Brilliant analysis! I could have told you that.
These Bands…Honestly.
So, this MVRV thing… it supposedly predicts the tops and bottoms. In 2017 and 2021, it was “right”. Okay. But what if it’s wrong *this* time? Have they thought about that? Noooo, of course not. They’re too busy looking at lines on a graph. 📊 It says the “floor price” was like $52,300. Please. That’s just… a number.
And they think it could hit $183,000 by August 2025? August 2025! That’s ages from now! Who knows what’ll be happening then? Maybe we’ll all be trading in seashells. 🐚 They’re watching the “mid-price band” for a “weakening momentum.” Ugh, more jargon! It’s exhausting.
People Are Buying More? Why?!
Another guy, BorisD – honestly, these names… – says people are buying more Bitcoin at higher prices. Like, they’re *intentionally* paying more? What is wrong with people?! The average cost basis on Binance is now $62,000. It was $44,000! Where are they getting this money?! 🤔
Apparently, “whale investors” (big spenders, obviously) are in at $108,000. A “key support level”, they say. It’s just a price point. It’s not gonna *hold* anything. And miners are selling a little? Of course they are. They have to recoup their electricity bills somehow! It’s all so…predictable.
Long-term holders are holding, which is…smart, I guess? They’re at $40,000. That’s… a price. I don’t know what it means! Oh, and they say cost basis levels “track closely with price behavior.” Well, that’s profound. You don’t say. 🙄
Look, it’s probably going to fluctuate. It always does. Just like everything else. Don’t get too attached to any of it. It’s all a big, chaotic mess. 🤯 And please, someone explain on-chain data to me, in plain English.
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2025-08-30 05:12