The profit ratio for the supply of Bitcoin is the highest at 94.98%. It serves as an indicator for determining the highs and lows of a prolonged cycle. The present ratio is identical to the ratio documented during the zenith of the echo bubble in 2019 and the onset of the bull market in 2020. Other times when the ratio has been higher were in 2017 and 2021.
While it looks enticing to invest in BTC at the moment, analysts have issued a warning to traders, stating that the current bullish run could witness dips in the times to come. This does not necessarily reflect a permanent picture in the long run. Bitcoin is ultimately teased to surpass its ATH of nearly $68,000 and eventually mark a resistance at $100k. According to our BTC price prediction, the former target is set for the end of 2024, with the next year welcoming the uptick to $100,000.
A lot depends on how Bitcoin Halving goes in April 2024. It has a trend of causing a surge in trading value. Bitcoin is currently exchanging hands at $57,267.00, with a rise of 1.83% in the last 24 hours. It further reflects a jump of 10.95% and 34.91% in the previous seven days and 30 days, respectively. Bitcoin previously crossed the mark of $57,000 on February 26 of this year and later retracted back to $56,500. It did dance around that value for almost 24 hours before submitting the data above $57,000.
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Bitcoin community members speculate that the next support level would be $60,000. That could happen around Bitcoin Halving. A decrease to $40,000 was welcome following the US SEC’s approval of Bitcoin ETF applications. That contradicted the predicted rise to beyond $45,000. The bearish trend is now credited to the selling pressure on GBTC, which has calmed down and is evident from the constant rise in BTC.
Bitcoin was also recently reported to have become the second biggest ETF commodity regarding AUM (assets under management). Plus, working in favor of the dominant crypto is the massive accumulation by MicroStrategy. That has instilled a sense of optimism among crypto enthusiasts. What happens next remains to be seen, for the cryptosphere is always subject to extreme volatility.
ETH is following the trend at $3,267.56 at the time of articulating this piece. That represents a rise of 1.21% in the last 24 hours. Ethereum has seen the token dance above the $3,000 mark for a few days. This is a positive sign, provided the token now successfully sustains the jump for the next couple of days. Holders have expressed their desire to see the price rise to $5,000 by the end of this year.
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BTC supply in Profit Ratio is currently high, replicating the 2017, 2021 peak, and 2021 ATH trend. Aggressive investments must follow in-depth research to avoid heavy losses in the crypto market.
