Cryptocurrency analyst Murphy (@Murphychen888) predicted that Bitcoin (BTC) is unlikely to fall back to $63,000-$65,000. He stated via X, "From August 4th to 18th, the average acquisition cost of BTC held by short-term holders was concentrated and newly formed in the $63,000-$65,000 range, after which the price quickly rose. This phenomenon did not occur when BTC stayed in that price range in June-July. It appears that large players rapidly accumulated BTC in this range before the recent surge." He added, "A similar pattern of rapid price increase immediately after concentrated accumulation at a specific price range also appeared in January 2022." He further explained, "Currently, the average acquisition price for wallets holding 100-1000 BTC is approximately $67,087, and for wallets holding 1000-10,000 BTC, it is $61,107, overlapping with the previously concentrated accumulation range." He concluded, "Since this price range is the main acquisition cost range for whales, it is unlikely that other investors will have another opportunity to buy at the same price. Unless it's an exceptional situation like a financial system crisis, I believe it's better to react at the current price level."
