2024

Bitcoin

April

when

<img decoding="async" width="1452" height="804" src="https://coingape.com/wp-content/uploads/2024/04/image5_11zon-8.png" class="attachment-full size-full wp-post-image" alt="Michael Saylor Foresees Geopolitical Clash as a Boost to Bitcoin" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2024/04/image5_11zon-8.png 1452w, https://coingape.com/wp-content/uploads/2024/04/image5_11zon-8-300x166.png 300w, https://coingape.com/wp-content/uploads/2024/04/image5_11zon-8-1224x678.png 1224w, https://coingape.com/wp-content/uploads/2024/04/image5_11zon-8-768x425.png 768w, https://coingape.com/wp-content/uploads/2024/04/image5_11zon-8-150x83.png 150w" sizes="(max-width: 1452px) 100vw, 1452px">
<p>Bitcoin (BTC) staged a strong recovery over the last weekend shooting all the way to $66,000 after facing some selling pressure last week. Analysts are clearly watching as to in which direction the Bitcoin price would see a formidable momentum ahead. However, a large part of the Bitcoin supply is still in profit, which puts some pressure on the upside from here.</p> 
<h3 id="bitcoin-btc-profit-supply">Bitcoin (BTC) Profit Supply</h3> 
<p>In recent on-chain data, it’s been reported that the percentage of Bitcoin supply currently in profit stands at 88.8%. Although this figure remains relatively high, it has notably decreased from its peak earlier in the year.</p> 
<p>The last instance where the percentage reached this level was on February 7th, 2024, when the price of Bitcoin was recorded at $44,000. Analysts are now closely watching to see if Bitcoin can sustain its current momentum or if a further cooldown period is necessary for the market.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">The % of the Bitcoin Supply in Profit is now at 88.8%</p> 
 <p>This is still elevated but has cooled down since the highs of earlier this year</p> 
 <p>The last time at this level was February 7th, 2024, when the price was $44K</p> 
 <p>Let's see if BTC has legs here or if it needs a further cool down <a href="https://t.co/ZOBSU9RdDj">pic.twitter.com/ZOBSU9RdDj</a></p> 
 <p>— On-Chain College (@OnChainCollege) <a href="https://twitter.com/OnChainCollege/status/1782148721624445278?ref_src=twsrc%5Etfw">April 21, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h3 id="btc-price-bottom">BTC Price Bottom</h3> 
<p>Some market analysts like Nebraskagooner <a rel="nofollow" href="https://twitter.com/Nebraskangooner/status/1782196531841397225" target="_blank">believe</a> that should Bitcoin surge to $75,000 from its current position, it could indicate that the market has reached its bottom. However, if the price falls below $58,000, it suggests that the bottom has not yet been reached.</p> 
<p>Also, the Bitcoin MVRV ratio hints at a prime buying opportunity at this point. According to crypto analyst Ali Martinez, whenever the Bitcoin MVRV Ratio dips below its 90-day average since November 2022, it suggests a favorable BTC buying chance, historically yielding an average gain of 67%! This pattern has emerged once more, hinting that now could be an ideal moment to purchase $BTC.</p> 
<figure id="attachment_192764" aria-describedby="caption-attachment-192764" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-192764" src="https://coingape.com/wp-content/uploads/2024/04/Bitcoin-MVRV.jpeg" alt="" width="1800" height="1013" srcset="https://coingape.com/wp-content/uploads/2024/04/Bitcoin-MVRV.jpeg 1800w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-MVRV-300x169.jpeg 300w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-MVRV-1224x689.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-MVRV-768x432.jpeg 768w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-MVRV-1536x864.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-MVRV-678x381.jpeg 678w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-MVRV-150x84.jpeg 150w" sizes="(max-width: 1800px) 100vw, 1800px">
 <figcaption id="caption-attachment-192764" class="wp-caption-text">
  Courtesy: <a rel="nofollow" href="https://twitter.com/ali_charts/status/1782052167177654702" target="_blank">Ali Martinez</a>
 </figcaption>
</figure> 
<p>Ali Martinez notes that Bitcoin’s correlation with the Global Liquidity Index remained strong until 2024. However, this year, the correlation has broken. Martinez emphasizes the necessity of a liquidity boost before the US elections to sustain the ongoing BTC bull market. Despite fees paid to Bitcoin miners spiking to 1,258 $BTC, the creation of new BTC addresses has dwindled, registering only 260,838. The recent surge in the <a href="https://coingape.com/bitcoin-transaction-fees-shoots-amid-launch-of-runes-protocol/" target="_blank" rel="noopener">Bitcoin transaction fees</a> has been majorly due to the Runes protocol.</p> 
<p>The post <a href="https://coingape.com/88-of-the-bitcoin-supply-already-in-profit-is-btc-price-bottom-already-in/">88% of the Bitcoin Supply Already In Profit, Is BTC Price Bottom Already In?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

88% of the Bitcoin Supply Already In Profit, Is BTC Price Bottom Already In?

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