Here’s the Next Crucial Support Level for Bitcoin

As Bitcoin surged past $60,000 following the recent price slump, an analytics platform suggested where Bitcoin's bottom might be.

Cryptocurrency analysis platform Alphractal has pinpointed $46,460 as a potential new support level for Bitcoin.

The level around $46,460 could become the next price floor for Bitcoin in the near future. This value represents the True Market Mean Price, a metric that reflects the network’s weighted average price.

We’ve previously discussed the significance of the True Market Mean Price and… https://t.co/SSEJjlASsz pic.twitter.com/79XzQhmdh2

— Alphractal (@Alphractal) September 12, 2024

In their latest update, Alphractal described this amount as the “Real Market Average Price,” which gauges Bitcoin’s average network price.

This metric has historically played a significant role, such as during the “China Dump” in May 2021, where it helped Bitcoin stabilize for two months before reaching new highs.

Alphractal also noted that Bitcoin’s demand has significantly decreased since March 2024, with market makers seemingly pushing prices lower.

Given these conditions, they recommend closely tracking the Real Market Average Price. This measure, they argue, is a more dependable indicator than the Realized Price, as it does not include coins related to mining activities.