- This number has dropped somewhat from its highest point earlier this year.
- Additionally, the Bitcoin MVRV ratio suggests that now is a great time to purchase.
Following last week’s selling pressure, Bitcoin (BTC) mounted a robust comeback over the past weekend, rising as high as $66,000. Evidently, experts are keeping an eye on Bitcoin to see whether it will soon experience strong momentum in one way or the other. There is considerable upward pressure from here as a significant portion of Bitcoin’s supply is still profitable.
According to recent on-chain statistics, 88.8% of the Bitcoin supply is now profitable. This number has dropped somewhat from its highest point earlier this year, but it is still pretty high.
Potential Upswing Likely
Since Bitcoin’s price peaked at $44,000 on February 7th, 2024, this proportion has never been this high. The market needs to calm off for a while, but analysts are keeping a careful eye on Bitcoin to see whether it can maintain its momentum.
If Bitcoin were to suddenly jump to $75,000 from its present position, according to certain market experts like Nebraskagooner, it may signal that the market has hit rock bottom. If the price drops below $58,000, however, it might mean that we haven’t seen the bottom.
Additionally, the Bitcoin MVRV ratio suggests that now is a great time to purchase. If the Bitcoin MVRV Ratio falls below its 90-day average since November 2022, as crypto expert Ali Martinez claims it will, it indicates a great opportunity to purchase Bitcoin, with a 67% average gain in the past. The reemergence of this pattern suggests that now could be a good time to buy bitcoin.
At the time of writing, Bitcoin is trading at $65,966, up 1.62% in the last 24 hours as per data from CoinMarketCap.
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