PANews reported on April 22 that Zach Pandl, Head of Research at Grayscale, noted in a recent report that Bitcoin's price has rebounded more than 20% to approximately $76,000 since hitting a low of around $63,000 on February 5, slightly above the average cost basis for recent buyers. Because the Bitcoin blockchain is completely transparent, the cost basis of each transaction can be tracked. Analysts typically focus on the "actual price" metric, the weighted average price of the token's last on-chain movement. With an actual price of approximately $74,000 for Bitcoin traded over the past one to three months, it means recent buyers have returned to their break-even point. If Bitcoin's price rises further in the coming days, more recent buyers will turn profitable, potentially marking the start of the first phase of a bull market. Pandl stated that although Bitcoin's price is still well below its October highs, the fact that many recent buyers have returned to their break-even point may indicate that Bitcoin has formed a sustainable market bottom in the $65,000 to $70,000 range.