 ▲ Bitcoin (BTC) |
Glassnode, a cryptocurrency analysis company, released market analysis results through its weekly newsletter, showing that Bitcoin (BTC) has continued to trend sideways for a month, but investors' profits remain high.
According to Cointelegraph, a virtual asset media outlet, Glassnode diagnosed Bitcoin's current price trend as a price consolidation stage to establish balance.
Glassnode said, “Bitcoin continues to consolidate its price within a well-established trading range. “Investors are generally well-positioned to record profits on their investments,” he said, revealing data demonstrating that 87% of circulating supply assets maintain a profit record.
The estimate that Bitcoin's MVRV (Market Value to Realized Value) is as high as 120% also supports the claim that Bitcoin hodlers are recording a return on their investment. Currently, Bitcoin’s average annual MVRV is 86%.
CryptoPotato, a media outlet specializing in cryptocurrency, noted that although Bitcoin's current trading price is more than 10% lower than its all-time high, some analysts have raised the possibility that it will hit another new high sometime in 2024.
Analyst Crypto Rover predicted that Bitcoin would bottom and reach a range between $72,000 and $74,000 this year.
Another analyst, Titan of Crypto, also raised the possibility of a Bitcoin rebound. He raised a bullish theory that Bitcoin would reach $100,000 throughout the year based on his prediction of the cycle after Bitcoin's halving.
Bitcoin open interest (OI) and Bitcoin exchange asset flow indicators also suggest the possibility of strength. Bitcoin's open interest reached an all-time high in early June. Over the next few days, open interest decreased slightly, but did not appear to be significantly different from the all-time high.
Additionally, the Bitcoin exchange asset flow indicator had an overwhelmingly high negative rate last week. This suggests the possibility of assets moving from centralized exchanges to self-custodial platforms and the possibility of strength due to reduced selling pressure.
