Crypto surge anticipated: Crucial Bitcoin indicator spikes, heralding potential peak enthusiasm, yet a caveat emerges
ICYMI: Bitcoin's Bullish Vibes Persist as Supply in Profit Nears 90%
- Hold onto those gains, here comes the bull
Got your eyes on the crypto scene, Homie? Well, buckle up, because things are getting interesting! According to on-chain data aggregator CryptoQuant, the Bitcoin Supply in Profit is on a significant rise and heading towards the 90% level.
You heard that right! The Bitcoin Supply in Profit is the portion of the circulating BTC supply that's currently worth more than it was when purchased or last moved. CryptoQuant's very own Darkfost provided the chart, and it's looking mighty fine.
Why should you care? Well, historically, soaring Supply in Profit tends to fuel bullish phases, so this trend can have a major impact on the crypto market. Wanna know more? Here's the lowdown:
- When the Bitcoin Supply in Profit exceeds 90%, it's historically triggered "euphoric phases," characterized by an intense surge of optimism and over-the-top enthusiasm from investors. And now, we're about to hit that level!
- With the supply in profit already exceeding 85%, it's a pretty positive sign, mate. But brace yourselves, 'cause during the last market correction, it dipped close to 75%. That's a critical threshold, you don't wanna go below it.
- If the Supply in Profit falls below the 75% mark, there's the risk of profit-taking or even a full-on capitulation event. But as long as it stays above this threshold, the analyst warns that euphoric phases can be short-lived, and are often followed by short-term corrections.
- So, while surpassing the 90% level could mean market euphoria, it doesn't necessarily guarantee a smooth ride. As more investors are in profit, there's a heightened risk of selling to cash in on the gains, leading to market volatility.
TL;DR: Bitcoin is almost at the 90% level in the Supply in Profit, which means we're seeing increased investor confidence and potential market euphoria. Euphoric phases can lead to increased market volatility due to profit-taking activities, but this can also support the price if demand remains strong.
Stay tuned for more crypto updates, and remember to keep your eyes on the prize, mate!
- We're close to witnessing a potential crypto bull run: The Bitcoin Supply in Profit is on the rise, approaching the 90% threshold, which historically paves the way for bullish trends in the crypto market.
- Bitcoin's soaring Supply in Profit: According to CryptoQuant, the amount of Bitcoin supply currently worth more than its acquisition or last movement price is significantly increasing, nearing the 90% level.
- Ethereum and other cryptocurrencies might join the party: If this trend continues, it could also influence the prices of other cryptocurrencies like Ethereum, TradingView, and their counterparts, leading to a general surge across the crypto industry.
- April tends to be a single-minded month for investors: As the crypto market heats up, investor focus may shift towards adding cryptocurrencies to their portfolios, particularly as new information and developments in finance and investing come to light.
- Profit-taking might amplify market volatility: As more investors find themselves in profitable positions, they may decide to cash out, introducing additional volatility to the crypto market.
- Informed decisions lead to better outcomes: Keep tabs on the latest on-chain data and market trends to stay ahead of the game and make informed decisions when investing in cryptocurrencies like Bitcoin and Ethereum during this pivotal period.
