An analyst has explained how Bitcoin&#8217;s bottom in the current cycle may not 
follow the same pattern as historical bear markets. Bitcoin Could Bottom 
Around True Mean Price Instead This Time In a new post on X, Checkonchain co- 
founder Alec Dejanovic has talked about a couple of pricing models related to 
Bitcoin. The first of these is the &#8220;Realized Price,&#8221; keeping track of the cost 
basis of the average investor on the BTC network. Related Reading: XRP 
Rebounds From Channel Bottom, Analyst Says $2.60 Could Be Next When the BTC 
spot price is trading above this level, it means that the network as a whole 
is in a state of net unrealized profit. On the other hand, the asset being 
under the metric suggests that the average token is being held at some loss. 
This indicator has displayed an interesting relationship with the 
cryptocurrency in the past. &#8220;Historical Bitcoin bears usually bottom around 
the Realised Price level,&#8221; explained Dejanovic. Below is the chart shared by 
the analyst that shows this effect in action. As is visible in the graph, the 
2015, 2018, and 2022 bear markets all found their bottoms when the Bitcoin 
spot price plunged under the Realized Price. Even the COVID crash in 2020 
bottomed out below the indicator. The explanation behind this pattern could 
lie in the fact that below this line, the majority of the network can be 
considered underwater, so there wouldn&#8217;t be many profit-takers left. In these 
conditions, resolute entities take coins off investors capitulating at a loss 
and selling pressure slowly reaches exhaustion, allowing BTC to regain its 
footing. Today, the Realized Price is situated at $56,000. Considering the 
past pattern, perhaps this cycle&#8217;s bear market would also bottom out around or 
below this level. Dejanovic thinks things can go differently this time, 
however, saying, &#8220;with ETF flows remaining resilient and no FTX-style fraud in 
sight, that target feels excessive.&#8221; If not Realized Price, then where else 
could Bitcoin find its bottom? The answer may be the second price model listed 
in the chart: the True Mean Price. This metric functions similarly to the 
Realized Price, except for the fact that it represents the cost basis of just 
the active market participants, not the entire network. A chunk of the Bitcoin 
supply has become lost due to associated wallets no longer being accessible. 
As BTC is growing older, this supply is only increasing in size, making the 
Realized Price a somewhat inaccurate representation of the real network 
situation. Related Reading: Capriole Founder Not Bearish On Bitcoin Despite 
Headwinds—Here’s Why By focusing on only the active part of the supply, the 
True Mean Price sidesteps this issue. Its value is currently $82,000, which is 
around where BTC found its recent low. &#8220;This could be the new line in the sand 
we are hammering out,&#8221; noted the analyst. BTC Price Bitcoin has shown a sharp 
jump during the past day that has taken its price back above $90,000. Featured 
image from Dall-E, checkonchain.com, chart from TradingView.com

Bitcoin’s New ‘Line In The Sand’ May Be $82,000, Not $56,000: Analyst

ARK Invest expects another $300 billion in liquidity to return after the 
government shutdown, a development that may alleviate the “liquidity squeeze” 
affecting crypto and AI valuations.

Cathie Wood says ARK’s Bitcoin $1.5M bull price hasn’t changed as markets eye rally

AMINA Bank and Crypto Finance successfully pilot distributed ledger technology 
for near-instant, compliant financial transactions on Google Cloud Universal 
Ledger platform. Swiss financial institutions AMINA Bank and Crypto Finance 
have completed a pilot program demonstrating distributed ledger technology’s 
(DLT) potential to modernize cross-border payments. Conducted on the Google 
Cloud Universal Ledger (GCUL) platform, the pilot […]

Swiss Financial Institutions Demonstrate Cross-Border Payments Using Google Cloud Ledger

Metaplanet, often dubbed Japan’s MicroStrategy for its adoption of Michael 
Saylor&#8217;s Bitcoin investment strategy, is nearing a critical juncture as 
Bitcoin (BTC) retraces below 30% of its all-time highs in under a month. 
Metaplanet Bitcoin Holdings Plummet As of November 26, Metaplanet ranks as the 
fourth largest public Bitcoin treasury company, holding just over 30,000 BTC 
valued at approximately $2.7 billion, with an average acquisition cost of 
around $108,000 per coin. Currently, Bitcoin is trading at approximately 
$87,700, placing the firm at a nearly 17% loss on its investments. The company 
finds itself about $640 million underwater, compounded by a steep drop in its 
stock price, which has plummeted 81% from June highs of ¥1,935 to its current 
valuation of ¥366 per share on the Tokyo Stock Exchange. Related Reading: Has 
The Bitcoin Price Hit Its Bottom? Key On-Chain Data Signals Potential Rebound 
Ahead Recently, Metaplanet borrowed an additional $130 million to bolster its 
Bitcoin holdings, a decision disclosed in a filing on November 21 under a 
previously established $500 million credit facility announced in late October. 
This loan is structured with a floating interest rate that renews daily, 
allowing for repayment at any point. Importantly, the loan is fully secured by 
the company&#8217;s Bitcoin reserves. However, market expert Shanaka Anslem has 
raised concerns on social media platform X (formerly Twitter) about the 
implications of these maneuvers for Metaplanet&#8217;s short-term stability. Key 
Dates Approach Anslem highlighted two pivotal dates that the market should 
closely monitor: December 18, when the Bank of Japan (BoJ) will decide on 
interest rates, and December 22, when Metaplanet shareholders will vote on a 
proposed $135 million fundraising initiative. The outcomes of these events are 
intertwined. The expert asserts that if the Bank of Japan opts for tighter 
monetary policy, resulting in a strengthened yen, Bitcoin prices may decline, 
potentially collapsing Metaplanet&#8217;s stock premium and jeopardizing the 
fundraising vote. Conversely, should the central bank maintain its loose 
policies, leading to a weakened yen but stable Bitcoin prices, the vote may 
pass, allowing the company to survive. Related Reading: Monad (MON) Price 
Skyrockets 80%, Emerges As Best Performer Among Top 100 Cryptos This situation 
holds significance beyond Metaplanet itself. Japan currently lacks a Bitcoin 
exchange-traded fund (ETF), making Metaplanet the sole avenue for Japanese 
investors to gain exposure to Bitcoin via the stock exchange. This factor 
contributed to a 4,000% increase in the company&#8217;s stock value in 2024; 
however, the price plunged 81% when Bitcoin dropped by 30% over the past month 
amid rising selling pressure that has prompted fears of a new bear market 
among investors. Leverage further amplifies the existing risks. For Metaplanet 
to break even, Bitcoin must reach $108,000. For their investment model to 
function effectively, however, BTC must surpass $130,000. If Bitcoin falls 
below $70,000, Metaplanet may have to sell assets to meet collateral 
requirements. Anslem further noted: For now, Metaplanet stands as neither 
triumph nor failure but as the most consequential experiment in corporate 
Bitcoin allocation currently running… The hotel company that bet everything on 
Bitcoin approaches its moment of truth. The world should be watching. Featured 
image from DALL-E, chart from TradingView.com

Metaplanet In Jeopardy: Bitcoin Needs To Surpass $108,000 By December 18 To Prevent New Crisis

The breach occurred as Upbit’s parent company, Dunamu, sealed a $10 billion 
acquisition deal with Naver and plans an initial public offering in the US.

Cryptocurrency price in ARS