Australian crypto experts have revealed Bitcoin’s ‘magic’ breakeven number for local investors.
According to analysts at Brisbane crypto exchange Swyftx, Australian Bitcoin investors are now seeing profit after the digital currency’s price rally in recent days.
Swyftx analysts also calculated that $39,780 is the average “breakeven price” for fellow Bitcoin investors in the country.
“The magic number for Aussie Bitcoin investors is $39,780. If Bitcoin drops below that price, a majority of the local market is statistically likely to be nursing losses. Anything above it and most investors will be in profit,” Pav Hundal, lead market analyst at Swyftx, tells The Chainsaw.
Bitcoin continues to rally
Bitcoin, known as ‘digital gold’ in the crypto space, is seeing a price uptick post-ETF approval and a month before the historic Bitcoin Halving.
The $39,780 breakeven price is a weighted estimate, based on Bitcoin trading among Australians on Swyftx’s platform and average monthly Bitcoin prices over the last five years.
The analysis indicates a typical Bitcoin investor in Australia is currently up and making around 30 percent in profit.
However, Aussie investors who bought Bitcoin during crypto’s bull run in March, April, October or November 2021 are still nursing losses of up to 34 percent.
FTX’s infamous collapse in November 2022 sent Bitcoin’s price plunging to just US$16,000 (AU$24,400).
Gen X, millennials enter crypto
Swyftx also tells The Chainsaw that Gen X and millennial crypto investors are seeing Bitcoin as an “opportunistic trade”.
“However, a lot of Aussies are still sitting on unrealised losses. No-one rings a bell at the top of the market and the reality we’re facing is that there were four months in 2021 that have established records for the number of Aussies buying Bitcoin – and they happen to be the only months where the average price remains in the red,” Hundal explains to The Chainsaw.
“There’s still quite a lot of ground for the market to claw back before this cohort is in profit.”
Bitcoin’s price is US$51,500 (AU$78,700) at the time of writing.
