As a seasoned researcher and long-time observer of the cryptocurrency market, I find myself both intrigued and cautiously optimistic about the recent surge in profitability for Bitcoin (BTC). With over three million coins now back in the black, it’s a positive sign for bullish investors like myself. However, as Axel Adler rightly points out, we must be mindful of the potential anxiety that may arise when the number of Bitcoins in profit exceeds 19 million – a level last seen at the previous all-time high.
Approximately three weeks ago, it once again became profitable to own about three million Bitcoins (BTC) currently in circulation. However, this increase doesn’t yet approach the point where investors or analysts like Axel Adler might feel concerned or worried.
19,000,000 Bitcoins (BTC) in profit: Analyst explains why this level is important
Over the last 20 days approximately three million Bitcoins (BTC) previously held by investors have moved back into profitable areas. This growth has been beneficial for Bitcoin (BTC) supporters, but it is not yet significant enough to cause market concern, according to crypto analyst Axel Adler from the CryptoQuant community.
Over the past 20 days, approximately 3 million Bitcoins have moved back into a profitable state. The intriguing phase will commence once the price escalates even more, and the number of Bitcoins in profit surpasses the 19-million mark. This is when we’ll observe how long-term investors, who have been patiently waiting for six months, deal with their tension.
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) October 1, 2024
The section that promises to be the most intriguing during the upcoming rally occurs when more than 19 million Bitcoins (BTC) are being held for a profit, a point that was previously reached at the peak of all-time highs.
In my role as a researcher, examining the market trends of the “orange coin” during the tumultuous quarters of 2024 (Q2-Q3), I’ve observed a progression from the investment phase where some might have initially purchased, through subsequent stages of accumulation and disbelief amidst the market volatility. Given this historical context, it may prove challenging for these investors to resist the temptation of FOMO-driven selling as the market continues to evolve.
In essence, if the number of Bitcoins (BTC) with a profit exceeds 19 million, this significant surge could serve as a true litmus test for asset managers, according to the experts.
That’s when we’ll see how investors, who have been waiting for 6 months, manage their anxiety.
It should be noted that, per CoinMarketCap, the aggregated circulating supply of Bitcoin (BTC) equals 19.76 million BTC.
Bitcoin (BTC) fails to start Uptober in green
Previously mentioned by U.Today, this particular analyst has suggested that Bitcoin (BTC) must climb to approximately $69,500 before it triggers the next wave of Fear Of Missing Out (FOMO).
Currently, however, Bitcoin (BTC) appears to be defying the typical trend known as “Uptober,” which is characterized by strong performance in October for Bitcoin.
On October 1st, 2024, the most significant digital currency, Bitcoin (BTC), decreased from $64,100 to $61,800. Currently, due to increased trading activity, its value has dropped nearly 2%.
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2024-10-01 18:58