PANews October 2, according to CryptoQuant analyst Darkfost, Bitcoin is testing two holder cohorts: holders with costs around $88,350 for the 18-month to 2-year range, and holders with costs around $89,200 for the 6- to 12-month range. Bitcoin is entering this convergence area, and related investors may respond emotionally.

Darkfost emphasized that the cost basis is not a support or resistance line, but rather an average value used only to identify risk zones. He noted that the overall 6- to 12-month cohort has been at a loss for nearly a year, and some may have bought near the market top. This test will flush out impatient participants, while others may continue buying to lower their cost basis and return to profitability. As Bitcoin approaches these levels, the above behavior could disrupt the bullish momentum it had been building.