The number of profitable Bitcoins has slightly decreased from its peak earlier this year. However, experts believe that now is a favorable time to buy, as indicated by the Bitcoin MVRV ratio. After experiencing selling pressure last week, Bitcoin made a strong comeback over the weekend, reaching a high of $66,000. This has caught the attention of analysts who are closely monitoring its future momentum. The fact that a significant portion of Bitcoin’s supply is still profitable suggests that there is upward pressure from here.
Recent on-chain statistics reveal that 88.8% of the Bitcoin supply is currently profitable. Although this figure has decreased from its previous high, it remains relatively high. This proportion has never been as high since Bitcoin reached its peak price of $44,000 on February 7th, 2024. While the market may need to stabilize for a period, experts are carefully observing Bitcoin to determine if it can maintain its momentum.
If Bitcoin’s price suddenly surges to $75,000 from its current position, it may indicate that the market has hit rock bottom, according to market experts like Nebraskagooner. On the other hand, if the price falls below $58,000, it could suggest that the market has not yet reached its lowest point. Moreover, the Bitcoin MVRV ratio further supports the idea that now is an opportune time to buy. According to crypto expert Ali Martinez, if the Bitcoin MVRV ratio falls below its 90-day average since November 2022, it presents a great opportunity to purchase Bitcoin, with an average gain of 67% in the past. The reappearance of this pattern implies that now could be a favorable time to invest in Bitcoin.
As of the time of writing, Bitcoin is being traded at $65,966, reflecting a 1.62% increase in the last 24 hours, according to data from CoinMarketCap.
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