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Bitcoin<\/a> (BTC) has seen a noteworthy surge in October, marking a 28% increase and paving the way for it to be the second most lucrative month of the year, tailing behind January\u2019s 40% ascension. One key metric that provides an insightful perspective is the \u2018realized price<\/a>\u2018, a concept that reveals the mean purchase price for all current Bitcoin owners, thereby countering the effects of volatility.<\/p>\n A closer examination of the yearly cohorts\u2019 on-chain cost basis reveals that all groups, except those who began purchasing in 2021, are in a profitable position.<\/p>\n Anticipating that the 2021 investor cohort will continue with their dollar-cost averaging strategies, it\u2019s noteworthy that their realized price level has declined from $50,000 to $35,000 over a span of two years. As such, any surge beyond the $35,000 threshold could potentially instigate a round of profit-taking. Therefore, this price level is expected to serve as a short-term resistance, tempering any immediate upward price movement.<\/p>\n In addition, we\u2019ve consistently used the 2023 realized price level as a support, deviating below it just once this year during the SVB collapse in March. However, we promptly rebounded above that level shortly thereafter.<\/p>\n To break it down, the realized prices for the cohorts are as follows: 2017+ ($15,907), 2018+ ($19,352), 2019+ ($22,432), 2020+ ($26,649), 2021+ ($35,053), 2022 ($26,902), and 2023 ($26,790).<\/p>\n