A Great Buying Opportunity as 88% of Bitcoin Is Profitable

With Bitcoin surpassing the $65,000 mark, investors predict that the market bottom might have formed. The MVRV ratio is signaling a buying opportunity with a potential profit increase of 67%.

Bitcoin Is Profitable

Bitcoin (BTC) underwent a strong recovery last weekend, reaching $66,000 after facing some selling pressure the previous week. Analysts are carefully monitoring to discern the precise momentum of Bitcoin’s price in the coming days. However, the Bitcoin supply situation still remains profitable, which is exerting upward pressure on its trend.

Bitcoin (BTC) Yield Supply

Recent online data reports a Bitcoin supply ratio with profit at 88.8%. While this number remains relatively high, it has significantly decreased from the peak earlier this year.

As of February 7, 2024, when Bitcoin hit $44,000, that was the last time this ratio reached its highest point. Analysts are closely watching to see if Bitcoin can sustain its current upward trajectory or if the market will need more time to recover.

Some experts like Nebraskagooner suggest that if Bitcoin rises to $75,000 from its current position, this could indicate that the market has bottomed out. Conversely, if the price drops below $58,000, it could signal that the market is still unstable.

Great buying opportunity

Furthermore, Bitcoin’s MVRV ratio indicates a prime buying opportunity at this time. According to cryptocurrency expert Ali Martinez, whenever Bitcoin’s MVRV ratio drops below the 90-day average since November 2022, it suggests a favorable buying opportunity for BTC with an average profit of 67% historically! This pattern is repeating once again, implying that now might be the ideal time to buy BTC.

Related: Signs Pointing to Altcoin Season Approaching?

Ali Martinez also emphasizes Bitcoin’s relationship with the Global Liquidity Index, a strong correlation that has been maintained until 2024. However, this relationship has been disrupted this year. Martinez highlights the need to boost liquidity ahead of the U.S. presidential election to maintain Bitcoin’s upward price trend. Despite transaction fees for Bitcoin mining companies skyrocketing to $1,258 per BTC, the number of new BTC addresses registered has decreased to just 260,838. The recent increase in Bitcoin transaction fees is mainly attributed to the Runes protocol.


(1 vote)

Leave a Reply

Your email address will not be published. Required fields are marked *


What Is Dogecoin Azc

Editor Choice | research | Research

What is Dogecoin? Exploring the World of the Memecoin DOGE

Memecoins have become a major trend in the crypto space, with many projects reaching billion-dollar market capitalizations. Dogecoin is considered a pioneering project that kicked off the memecoin craze. So, what is Dogecoin? Let's find out!

What Is A Cold Wallet Azc

Research | Editor Choice | research

What is a Cold Wallet? Top 3 Best Cold Wallets in the Crypto Market

Is a cold wallet an effective tool for storing cryptocurrencies? So, what is a cold wallet? What are some recommended types of hardware wallets to use? Let's find out together!

Azcnews Ctk Soars 100% In One Hour Ahead Of Major Update

News | Altcoin | Editor Choice

CTK Soars 100% in One Hour Ahead of Major Update

The price of the CTK token doubled within an hour ahead of the upcoming Shentu v2.10.0 update.

Azcnews A Major Uk Bank Officially Bans Cryptocurrency Transactions

News | Editor Choice | Policy & Regulations

A Major UK Bank Officially Bans Cryptocurrency Transactions

Starting May 30, the UK digital bank Kroo will prohibit its customers from conducting cryptocurrency transactions.

An Investor Becomes A Millionaire Thanks To Memecoin Shiba Inu

Altcoin | Editor Choice

An Investor Becomes a Millionaire Thanks to Memecoin Shiba Inu

An investor became a millionaire by holding Shiba Inu for 3 years, turning $2,700 into $1.2 million.