Analyst: Bitcoin approaches $88,400–$89,200 cost-basis cluster, mid-term holders face a test

PANews, October 2 — CryptoQuant analyst Darkfost noted that Bitcoin is testing two holder cohorts: the cost basis of holders from 18 months to 2 years is around $88,350, while that of 6-to-12-month holders is around $89,200. Bitcoin is entering this confluence zone, and the relevant investors may react emotionally.

Darkfost stressed that cost basis is not a support or resistance line but an average, used only to identify risk zones. He pointed out that the 6-to-12-month cohort has been at a loss for nearly a year overall, and some may have bought at the market top. This test will shake out the impatient, while others may keep buying to lower their cost basis and return to profit. As Bitcoin approaches these levels, such behavior could interrupt the upward momentum it had previously accumulated.