Rally

2024

Bitcoin ETF

Bitcoin

when

<a href="https://bitcoinworld.co.in/90-of-bitcoin-hodlers-in-profit-as-btc-price-rises-to-47k-amid-whale-accumulation/" title="90% Of Bitcoin HODLers in Profit As BTC Price Rises To $47K Amid Whale Accumulation" rel="nofollow"></a>
<ul> 
 <li style="font-weight: 400">About 90% of Bitcoin hodlers are in profit as the price of Bitcoin (BTC) rises past $46,000 amid whale accumulation.</li> 
</ul> 
This resurgence in Bitcoin price is partially credited to the uptick in holdings among whale wallets containing over 1,000 Bitcoins. 
It seems that the period of consolidation for Bitcoin is ending as the BTC price has given a fresh breakout to $46,500, eyeing a further rally to $50,000.&nbsp; 
Moreover, on-chain indicators continue to show strength suggesting further gains for Bitcoin, with a strong support at $46,080. 
PlanB, the creator of the Stock-to-Flow model for Bitcoin, recently shared a BTC chart indicating that 90% of all Bitcoins are currently in profit.&nbsp; 
This is the highest number of Bitcoin holders in profit since Bitcoin’s peak at $69,000 in mid-November 2021. 
See Also: <a class="row-title" href="https://bitcoinworld.co.in/stablecoins-vs-flatcoins-which-one-is-better/" aria-label="“Stablecoins vs. Flatcoins: Which One Is Better?” (Edit)">Stablecoins vs. Flatcoins: Which One Is Better?</a> 
In a YouTube video linked in the tweet, PlanB provided a comprehensive analysis of the chart. Currently, the chart displays orange dots, signifying that 90% of all mined Bitcoins are profitable. 
&nbsp;PlanB clarified that red dots will appear on the chart when 100% of all Bitcoin becomes profitable, with red dots always following the current orange ones 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 90% of all bitcoin is in profit, highest since Oct 2021 ath. More info here: <a href="https://t.co/UahB9zJf4n">https://t.co/UahB9zJf4n</a> <a href="https://t.co/dL0GAMQj3Q">pic.twitter.com/dL0GAMQj3Q</a> 
 — PlanB (@100trillionUSD) <a href="https://twitter.com/100trillionUSD/status/1755212852774805682?ref_src=twsrc%5Etfw">February 7, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
PlanB noted that the profitability is not likely to drop to 60% (as indicated by the yellow dots on the chart) until the metric reaches the “red” level of profitability.&nbsp; 
Currently, the analyst emphasized, only those who purchased Bitcoin at the 2021 price peak are experiencing losses, while all other BTC holders are currently in a profitable position. 
<h3 id="span-style-font-weight-400-btc-price-rally-span">BTC Price Rally</h3> 
Amid strong recovery in the broader cryptocurrency market, Bitcoin <a href="https://coinstats.app/coins/bitcoin/">price</a> is up more than 4% in the last 24 hours shooting all the way to $46,500.&nbsp; 
<figure id="attachment_65424" aria-describedby="caption-attachment-65424" style="width: 100%" class="wp-caption aligncenter">
 <img loading="lazy" decoding="async" class=" wp-image-65424" src="https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-24-483x300.png" alt="" width="618" height="384" srcset="https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-24-483x300.png 483w, https://bitcoinworld.co.in/wp-content/uploads/BTC-Price-Chart-24.png 760w" sizes="(max-width: 618px) 100vw, 618px">
 <figcaption id="caption-attachment-65424" class="wp-caption-text">
 BTC Price Chart | Source: Coinstats
 </figcaption>
</figure> 
&nbsp; 
This is the first time that the BTC price has crossed $46,000 ever since the spot Bitcoin ETF launch last month. 
According to insights from on-chain data provider Santiment, this resurgence is partially credited to the uptick in holdings among wallets containing over 1,000 Bitcoins.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f433.png" alt="🐳" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;"> <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> is back above $44.5K for the first time since the '<a href="https://twitter.com/hashtag/ETF?src=hash&amp;ref_src=twsrc%5Etfw">#ETF</a> hangover' retrace began back on Jan. 12. This bounce is partially attributed to the rise in 1K+ <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> wallet holdings. Their collective holdings are at their highest level in 14+ months. <a href="https://t.co/mxCoXJbHcW">https://t.co/mxCoXJbHcW</a> <a href="https://t.co/FjZdmPeMvj">pic.twitter.com/FjZdmPeMvj</a> 
 — Santiment (@santimentfeed) <a href="https://twitter.com/santimentfeed/status/1755389860633039248?ref_src=twsrc%5Etfw">February 8, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
The collective holdings of these large wallets have surged to their highest level in over 14 months, indicating renewed confidence among major Bitcoin holders. 
The ongoing momentum in US stock markets also provided support for risk assets such as cryptocurrencies.&nbsp; 
The S&amp;P 500 closed at a record high, nearing the 5,000 level, while the Dow Jones Industrial Average approached its all-time high, and the Nasdaq Composite edged closer to its record. 
Given the enduring correlation between cryptocurrencies and the S&amp;P 500, there is an expectation that Bitcoin, Ethereum, and other cryptocurrencies will eventually catch up.&nbsp; 
Analysts are also expecting a pre-halving rally for Bitcoin going ahead.&nbsp; 
On the other hand, the Bitcoin miners have been selling heavily to raise capital to add more rigs to their mining fleet. 
#Binance #WRITE2EARN 
The post <a href="https://bitcoinworld.co.in/90-of-bitcoin-hodlers-in-profit-as-btc-price-rises-to-47k-amid-whale-accumulation/">90% Of Bitcoin HODLers in Profit As BTC Price Rises To $47K Amid Whale Accumulation</a> appeared first on <a href="https://bitcoinworld.co.in">BitcoinWorld</a>.

90% Of Bitcoin HODLers in Profit As BTC Price Rises To $47K Amid Whale Accumulation

Table of Contents

ItsBitcoinWorld

Other articles published on Feb 9, 2024

Dogecoin Team Advances with New Updates and Project Goals

Hodlonaut Photo Incident Sparks Judge’s Livestream Warning in Wright-COPA Case

CoinDesk CEO fired in latest restructuring move

The USA has Created a Consortium to Control the Development of AI

Blockchain Life 2024 in Dubai - Waiting for ToTheMoon

Polygon's Type-1 zkEVM: Driving Cost-Effective Blockchain Solutions

Join our free newsletter for daily crypto updates!