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Reading: 94 Percent of Bitcoin Supply is in Profit! Is Price Correction Coming?
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EdaFace Newsfeed > Latest News > Bitcoin and BTC > 94 Percent of Bitcoin Supply is in Profit! Is Price Correction Coming?
Bitcoin and BTC

94 Percent of Bitcoin Supply is in Profit! Is Price Correction Coming?

vitalclick
Last updated: October 24, 2024 2:57 pm
5 months ago
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Contents
Status of Bitcoin HoldersBuy/Sell Behaviors in the MarketHistorical Trends and Price CorrectionsInformation for Investors

Bitcoin (BTC) $66,872rising above $69,000, giving 94% of its owners a profit. However, this increase also brings with it concerns that profit taking may begin in the short term.

Status of Bitcoin Holders

Analysis by Axel Adler Jr., based on CryptoQuant data, shows that 94% of Bitcoin supply is currently in profit. Most of the available coins were purchased at around $55,000. This may increase the possibility that some investors will turn to profit making in the short term.

Buy/Sell Behaviors in the Market

Investors who bought when Bitcoin’s price dropped are seen as “in the money” with the current rise. This causes the buy-dip strategy to become popular again among investors. Such movements may support the optimistic mood in the market.

Analyst Michael van de Poppe also draws attention to this issue: “Bitcoin fell to $ 65,000 and started to recover rapidly. I think this little correction is over. “With macroeconomic developments and elections approaching, we expect the crypto market to grow again.”

Historical Trends and Price Corrections

In the past, there were significant drops in prices during periods when the majority of Bitcoin holders were profitable. Similar decreases were observed in September 2023 and March 2024. For example, after Bitcoin reached $73,835 in March 2024, it fell by 23% to $56,500 in May.

Analysts warn that such past trends could lead to new fluctuations in Bitcoin price. Currently, Bitcoin is trading around $67,200 and has experienced significant fluctuations over the past seven days.

Information for Investors

The fact that 94% of the Bitcoin supply is in profit may lead to price fluctuations in the market in the short term. In this process, it is important for investors to follow market movements closely and shape their decisions accordingly. Historical data and current market dynamics provide clues for future price movements.

Bitcoin rose above $69,000 again. The vast majority of holders are making profits, which could be a harbinger of potential corrections based on historical data. For this reason, market balances should not be ignored and should be monitored carefully.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.

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