FOMO

Bitcoin

Read

<div class="cryptonews">
 <p class="is-style-lead">While long-term investors appear unaffected by the surge, the <a rel="noopener noreferrer nofollow" title="rally" href="https://thebittimes.com/tag/rally.html">rally</a> sets the foundation for a ‘resumption of the 2023 uptrend,’ analysts say</p>
 <p>Bitcoin (BTC) volatility explosion on Oct. 24 has set the market ready for a new rally as a “meaningful proportion of supply and investors now find themselves above the average break-even price,” Glassnode says.</p>
 <p>In a research report on Oct. 24, analysts at the blockchain analytics firm noted that over 80% of Bitcoin <a rel="noopener noreferrer nofollow" title="supply" href="https://thebittimes.com/tag/supply.html">supply</a> is now in <a rel="noopener noreferrer nofollow" title="profit" href="https://thebittimes.com/tag/profit.html">profit</a> as the market is approaching year-to-date highs.</p>
 <figure class="wp-block-image size-large"><picture decoding="async" class="wp-image-14207615">
   <source type="image/webp" srcset="https://cdn.thebittimes.com/images/2023/10/24/00973e6a5ccaa3b15f4e40323b451f35.webp.webp">
   <img decoding="async" width="1024" height="590" src="https://cdn.thebittimes.com/images/2023/10/24/00973e6a5ccaa3b15f4e40323b451f35.webp" alt="Bitcoin supply in profit | Source: Glassnode"> 
  </picture>
  <figcaption class="wp-element-caption">
   Bitcoin <a rel="noopener noreferrer nofollow" title="supply" href="https://thebittimes.com/tag/supply.html">supply</a> in <a rel="noopener noreferrer nofollow" title="profit" href="https://thebittimes.com/tag/profit.html">profit</a> | Source: Glassnode
  </figcaption>
 </figure>
 <p>However, long-term holders (LTH) seem unaffected by this week’s <a rel="noopener noreferrer nofollow" title="rally" href="https://thebittimes.com/tag/rally.html">rally</a> as almost 30% of their <a rel="noopener noreferrer nofollow" title="supply" href="https://thebittimes.com/tag/supply.html">supply</a> is “held at a loss,” analysts say.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Bitcoin to hit $45k in 2023 as funding rates signal FOMO
 </div>
 <p>The current state of affairs for Bitcoin holders is similar to late 2015 and early 2019 and the March 2020 bottom, suggesting that the current cohort “may well be a more hardened and firm-handed” compared to prior cycles, Glassnode added.</p>
 <blockquote class="wp-block-quote">
  <p>“A meaningful proportion of <a rel="noopener noreferrer nofollow" title="supply" href="https://thebittimes.com/tag/supply.html">supply</a> and investors now find themselves above the average break-even price, located around $28k. This sets the foundation for a resumption of the 2023 uptrend.”</p> <cite>Glassnode</cite>
 </blockquote>
 <p>In the meantime, analysts at Bitfinex say that on-chain metrics, such as the Spent Output Age Bands (SOAB), indicate further support for sustained volatility for Bitcoin in the coming months. As Bitcoin rapidly surpassed the $34,000 mark, the crypto market is now more dependent on major news narratives than ever before, analysts say.</p>
 <p>Bitcoin has reached new yearly highs shortly after reports surfaced that BlackRock’s iShares Bitcoin Trust has been listed on the Depository Trust and Clearing Corporation (DTCC) amid staunch demand for an exchange-traded fund within the crypto industry and broader financial markets.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Coinbase denies weekly $5k withdrawal limit on Bitcoin
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-ready-for-new-rally-as-80-of-supply-is-in-profit-tbt67556.html">https://thebittimes.com/bitcoin-ready-for-new-rally-as-80-of-supply-is-in-profit-tbt67556.html</a></p>

Bitcoin ready for new rally as 80% of supply is in profit

TheBitTimes

Other articles published on Oct 24, 2023

Centralized Exchanges Record Net Outflows as Bitcoin Price Inches Near $35,000

Grayscale and FTSE Russell join forces to introduce crypto sector index series

Bitcoin: MicroStrategy Eclipsed by an Elusive Giant!

SEC to Reconsider Grayscale’s Spot Bitcoin ETF Application: Is Approval More Likely?

BlackRock’s Bitcoin Trust disappears from the DTCC list!

Grayscale Investments Partners with FTSE Russell to Roll Out Crypto Sector Index Series

Join our free newsletter for daily crypto updates!