The bear market bottom for Bitcoin has passed, and indications suggest that we are heading towards a new phase. One critical factor that validates this is the supply in profit and loss. Historically, bear market bottoms have occurred when around 40-45% of Bitcoin’s supply is in profit. Surprisingly, at present, this percentage stands at 60.5%.
This statistic reveals that more than half of all Bitcoin holders are currently in a profitable position. Consequently, there is less selling pressure in the market than ever before. It serves as a strong signal that the bear market has come to an end.
If you were seeking a sign of the market’s turnaround, this is it. With a majority of Bitcoin owners experiencing gains rather than losses, the outlook appears positive. However, market conditions can always change, so it’s crucial to remain cautious and stay updated on any new developments.
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Picture Credits: @Glassnode
