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Crypto analyst Murphy said Bitcoin is unlikely to fall back to the $63,000-$65,000 range, arguing the zone was a key accumulation area for large holders.
In a post on X, Murphy said newly formed cost bases for short-term BTC holders were heavily concentrated in the $63,000-$65,000 range from Aug. 4 to Aug. 18, after which the price rose quickly. Murphy added that this pattern did not appear when BTC stayed in that range during June and July, suggesting large investors rapidly accumulated BTC there before the recent rally.
Murphy also said a similar pattern appeared in January 2022, when concentrated accumulation at a specific price range was followed by a sharp price surge. Murphy added that the average acquisition cost for wallets holding 100 to 1,000 BTC is about $67,087, while wallets holding 1,000 to 10,000 BTC have an average cost basis of about $61,107, overlapping with the earlier accumulation zone.
Murphy said the price range marks a major whale buying zone, making it difficult for other investors to get another chance to buy at similar levels. Murphy added that, barring exceptional circumstances such as a financial system crisis, it may be better to respond at current price levels.