$BTC is now above the 70% profitability threshold, which could trigger a move upward instead of the active profit-taking on the market
A glance back at the previous cycle reveals a similar pattern. During that period,holders were approaching a 90% profitability rate when the price was hovering around the $11,000 mark. Such a situation could have triggered a sell-off, but instead, investors persisted in expanding their positions even as minor price declines temporarily reduced the number of profitable holders. Ultimately, this led to the $69,000 ATH.
This historical pattern suggests that Bitcoin holders maintain a strong conviction in the cryptocurrency during bull markets, consistently augmenting their portfolios over time. As such, even if Bitcoin's price were to reach a point where over 90% of investors were in profit, similar to the scenario in 2020, there is no compelling reason to believe that the price would not continue to climb. This insight offers a fresh perspective on the possibility of a robust upward trajectory for Bitcoin.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin, Ethereum Technical Analysis: BTC Consolidates, Ahead of Pivotal FOMC Meeting – Market Updates Bitcoin NewsBitcoin consolidated recent gains on March 21, as markets await the upcoming Federal Open Market Committee (FOMC) meeting.
Read more »
$1 Million per Bitcoin (BTC) Within 3 Months Possible If This Happens: ExpertCrypto analyst has named amount that needs to be invested in Bitcoin so it can reach $1 million within three months
Read more »
Bitcoin Fear and Greed Index Spikes to 16-Month High as BTC Exceeds $28KThe Bitcoin Fear and Greed Index soared to 66, a level unseen since the middle of November 2021.
Read more »
Ex-Credit Suisse CEO's Bitcoin (BTC) Bubble Call BackfiresIn 2017, former Credit Suisse CEO Tidjane Thiam dismissed Bitcoin as a bubble. Six years later, Bitcoin has surged 318%, while Credit Suisse has been sold for a mere $3 billion
Read more »
Bitcoin (BTC) to Ether (ETH) Reaches Highest Level Since JulyBitcoin recorded 31% increase since March 12, outpacing Ethereum's 18% gains and pushing Bitcoin to Ether (BTC/ETH) price ratio to its highest level since July 2022
Read more »
John Lennon's Son Makes Unexpected Bitcoin (BTC) StatementSon of John Lennon from The Beatles sees salvation in Bitcoin $BTC btc bitcoin bitcoinnews thebeatles
Read more »