- Bitcoin (BTC) could potentially rally in June due to an impending historical bull signal, as noted by a well-followed crypto analyst from InvestAnswers.
- The expected bull signal involves Bitcoin’s realized price (RP) crossing above the long-term holder realized price (LTH RP), an event that has historically led to substantial Bitcoin rallies.
Anticipation of a Bitcoin Surge
The influential crypto strategist from InvestAnswers, known for their anonymous YouTube commentary, has suggested an upcoming catalyst that could propel Bitcoin to significant heights next month. This forecast, shared with his 443,000 YouTube subscribers, is based on a historical bull signal that seems ready to repeat itself.
Bitcoin’s realized price (RP) crossing above the long-term holder realized price (LTH RP) has been identified as this catalyst. In simple terms, the RP represents the value of all Bitcoin based on the price at which they were bought, divided by the total coins in circulation. On the other hand, the LTH RP represents the average on-chain acquisition cost for coins kept outside of exchange reserves and that have remained stationary for over 155 days.
A Historical Pattern of Bitcoin Bull Runs
This anonymous trader stated, “This Bitcoin catalyst is the current talk of the town, primarily due to its historical impact. Looking at the Glassnode chart, the blue line signifies the long-term holder realized price, while the yellow line symbolizes the Bitcoin realized price. The excitement builds when the realized price surpasses the long-term holder realized price, currently showing a $600 difference. Every instance of this ‘flip’, i.e., the blue line rising above the yellow, typically results in a substantial rally.”
The trader further adds intrigue to his forecast by pointing out the timing of these ‘flips’. Interestingly, they have historically occurred in June, except for one instance in August 2012 when Bitcoin was relatively new. Other notable occurrences took place in June 2016 and June 2019, indicating a trend that might extend to June 2023.
Addressing concerns about potential price dips after these rallies, the trader reminds his followers, ”
Remember 2020? People say, ‘Oh but it can dip after.’ Well, that dip was because of Covid-19… In all other historical instances, it’s just up from there.” Therefore, this anticipated crossover of Bitcoin’s RP and LTH RP could signal the next Bitcoin rally, making a case against the common saying, ‘Sell in May, go away.’
At the time of writing, Bitcoin was trading at $27,363, marking an increase of 1.05% over the last 24 hours.
