Bitcoin’s 99% Supply in Profit Signals Possible Price Correction
Bitcoin's recent price increase has sparked several positive developments:
- Surge in ETF inflows and a bullish shift in option trading, indicating renewed market confidence.
- Over 99% of Bitcoin's circulating supply is now held at an unrealized profit, marking market strength.
Potential Market Correction
- Analyst Ted Pillows warns that with nearly 99.3% of Bitcoin supply in profit, history suggests a possible short-term correction between 3% to 10%.
- Rekt Capital also notes that Bitcoin's rejection near its all-time high could lead to a 13% pullback, potentially dropping prices to $106,000 - $109,000.
Bitcoin Price Outlook
- Currently trading at $122,246 after an 11.73% gain in seven days.
- October historically shows a bullish trend with an average gain of 21.89%.
- Coincodex analysts predict a rise to $130,994 within five days, followed by a retracement to $126,535.
- Long-term projections see Bitcoin reaching $140,009 by the end of 2025.
- Bitcoin maintains a market cap of $2.43 trillion and a dominance of 58.4%.
Despite cautionary predictions, strong historical data and current market indicators suggest potential for continued growth. For more details, visit here.