Analyst predicts BTC unlikely to revisit $63K-$65K accumulation zone

Crypto analyst Murphy stated Bitcoin is unlikely to return to the $63,000-$65,000 range, which he identified as a key accumulation area for large holders. He noted that short-term BTC holders established cost bases heavily concentrated in this range from Aug. 4 to Aug. 18, after which the price increased rapidly. This accumulation pattern was not observed during June and July, indicating that large investors accumulated BTC before the recent rally. Murphy referenced a similar occurrence in January 2022, where concentrated accumulation at a specific price led to a sharp price increase. He mentioned that the average acquisition cost for wallets holding 100 to 1,000 BTC is approximately 67087 dollars, while wallets holding 1,000 to 10,000 BTC have an average cost basis of about 61107 dollars, aligning with the earlier accumulation zone. Murphy emphasized that this price range represents a significant whale buying zone, making it challenging for other investors to buy at similar levels again. He suggested that, unless exceptional circumstances arise, such as a financial crisis, it may be more prudent to act at current price levels.

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