Bitcoin Price Heading Towards a Massive Potential Breakout
Summary: Glassnode, an on-chain analytics tool, has released data on Bitcoin's market situation, showing that 75% of Bitcoins are held by investors at a profit, while 25% are held at a loss when the market consolidates below the $30,000 price level. This distribution is similar to the midpoints of 2016 and 2019 prices. Bitcoin has found a stable equilibrium at a 75:25 profit/loss ratio.
Glassnode, a top on-chain analytics tool, has lately released data that shed light on Bitcoin’s present market situation. The majority of Bitcoins, 75%, are held by investors at a profit, while the remaining 25% are held by investors at a loss when the market consolidates below the $30,000 price level, as shown by their data. This distribution is quite similar to the equilibrium at the midpoints of 2016 and 2019 prices.
Stable Equilibrium Found
Bitcoin seems to have found a stable equilibrium at a profit/loss ratio of 75:25, as shown by market charts. Glassnode notes that the Profit-to-Loss ratio was greater on half of all trading days and lower on the other half. This equilibrium usually occurs after significant price increases or decreases for Bitcoin.
At the time of writing, the price of a single Bitcoin was $30,271, representing a decline of 1.15% in the past 24 hours. Both the prestigious multinational bank Standard Chartered and the famous investor and author Robert Kiyosaki have predicted that Bitcoin’s value would exceed $120,000 by the year 2024.
Glassnode’s data indicates a new all-time high of 1,008,737 million wallets holding at least one bitcoin, in addition to analyzing supply balances.
Eyes on Upcoming U.S Metrics
Bitcoin’s next big swings will be impacted by the publication of statistics on unemployment claims and the Consumer Price Index (CPI). Investors pay careful attention to these metrics because they reveal how successful the Federal Reserve has been in its fight against inflation.
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