Bitcoin

when

<p>While the price of bitcoin has recently surpassed $65,000, many investors believe that the bottom may have already been reached. Technical indicators such as the MVRV ratio emit a positive buy signal, suggesting potential gains of 67%.</p>
<h2 id="h-an-important-share-of-btc-supply-still-in-profit">An Important Share of BTC Supply Still in Profit</h2>
<p>The latest on-chain data reveals that 88.8% of <a href="https://www.cointribune.com/en/bitcoin-miners-make-107-million-in-revenue-after-the-halving/" target="_blank" rel="noopener noreferrer nofollow">the total supply of bitcoins</a> is currently in positive territory. Although lower than earlier peaks this year, this percentage is historically high. The last time such a level was witnessed dates back to February 7, 2024, when BTC was trading around $44,000.</p>
<div class="my-4">
 <div class="ads " data-page-type="" data-location="1">
 </div>
</div>
<p>This <a href="https://coingape.com/88-of-the-bitcoin-supply-already-in-profit-is-btc-price-bottom-already-in/" target="_blank" rel="noopener noreferrer nofollow">significant proportion</a> of holders in profit could generate some selling pressure and moderate the bullish momentum in the short term. However, many analysts remain convinced that if bitcoin succeeds in holding above $65,000, the positive trend could continue and push the price towards new highs.</p>
<p>“<em>If the price breaks sustainably above $75k, it will likely confirm that the bottom is behind us. Conversely, a return below $58k would mean that the floor has not yet been reached</em>,” <a href="https://twitter.com/Nebraskangooner/status/1782196531841397225" target="_blank" rel="noopener noreferrer nofollow">comments</a> trader Nebraskagooner.</p> 
<div class="tradingview-widget-container tradingview--mini-chart">
 <div class="tradingview-widget-container__widget"></div>
 <div class="tradingview--mini-chart--dark">
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSDT","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"dark"}</script>
 </div>
 <div class="tradingview--mini-chart--light">
  <script type="text/javascript" src="https://s3.tradingview.com/external-embedding/embed-widget-mini-symbol-overview.js" async>{"symbol":"BINANCE:BTCUSDT","width":350,"height":220,"isTransparent":false,"autosize":false,"dateRange":"12M","trendLineColor":"rgba(253,64,19,1)","underLineColor":"rgba(253,64,19,0.6)","underLineBottomColor":"rgba(253,64,19,0)","locale":"en","largeChartUrl":false,"colorTheme":"light"}</script>
 </div>
 <div class="tradingview-widget-copyright"><a href="https://fr.tradingview.com/symbols/BTCUSDT/?exchange=BINANCE" rel="noopener noreferrer nofollow" target="_blank"><span class="text-primary-color">BTCUSDT chart</span></a> by TradingView
 </div>
</div> 
<h2 id="h-promising-technical-signals-despite-uncertainties">Promising Technical Signals Despite Uncertainties</h2>
<p>Despite these uncertainties, the bitcoin MVRV (Market-Value-to-Realized-Value) ratio seems to indicate an appealing buying window. This metric is used to assess if the price is overvalued or undervalued compared to its “fair value”.</p>
<p>According to analyst Ali Martinez, when this ratio falls below its 90-day moving average, it has historically offered excellent buying opportunities, with an average gain of 67% since November 2022. This pattern has just appeared again, suggesting that now might be a good time to accumulate BTC.</p>
<p>Martinez also highlights a recent decoupling between bitcoin and the global liquidity index. He believes that an increase in liquidity before the US elections will be necessary to support the bullish momentum. However, with rising transaction fees and a decline in address creation, mixed signals persist.</p>
<p>While the technical and on-chain setup of bitcoin suggests a promising bullish potential, caution is still advised in the short term. The high profitability level of the supply could trigger profit-taking. The forthcoming weeks will be crucial to confirm a sustained market reversal.</p>
<div class="affiliate-button"><a class="affiliate-button__link" href="https://bitpanda.pxf.io/c/2801338/1295465/15871" target="_blank" rel="noopener noreferrer nofollow">Découvrir la plateforme Bitpanda</a> <a class="affiliate-button__disclaimer" href="https://www.cointribune.com/en/sponsored-content/" target="_blank" rel="noopener noreferrer nofollow">Ce lien utilise un programme d’affiliation</a>
</div>

Has Bitcoin reached its bottom? 88% of the supply already profitable

Table of Contents

Cointribune EN

Other articles published on Apr 22, 2024

Bitcoin Miners Strike Gold: $107 Million Profit From Runes-Fueled Minting Spree

Biden is asking Congress to kill the American Bitcoin mining industry

Bankrupt Man Turns Crypto Whale After SOL Price Surged: BlockDAG’s 30,000x ROI Touted as Next Bul...

Key Insights on Altcoin Performance and Predictions

Invest In These Cryptocurrencies For Early Retirement Today

Ethereum: These 2 major factors will help shape ETH’s Q2 prices

Join our free newsletter for daily crypto updates!