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What Will Happen to Bitcoin in the Coming Period? Analytics Company Points…
What Will Happen to Bitcoin in the Coming Period? Analytics Company Points to a Special Metric and Answers
According to cryptocurrency analysis company CryptoQuant, interesting developments may be waiting for Bitcoin. Here are the details.
Author:
Mete Demiralp
24.09.2024 – 16:37
Update:
7 seconds ago
0
Bitcoin (BTC) is up nearly 8% in response to the Federal Reserve’s 50 basis point rate cut, according to research firm CryptoQuant, with a key market indicator suggesting more gains could be on the horizon.
The indicator in question, known as the “supply in profit” metric, measures the percentage of Bitcoin’s circulating supply that is generated at a price lower than its current market value. When this percentage increases, it indicates that more holders are in profit, which can reduce selling pressure and increase market confidence.
CryptoQuant’s Director of Research Julio Moreno noted that Bitcoin’s recent price rally has pushed it above its 365-day moving average, a key threshold in the supply-to-profit metric. “This inflection point is usually associated with further price appreciation,” Moreno said, suggesting that Bitcoin could continue its upward trend.
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The supply-in-profit level often serves as an emotional gauge for investors, acting as a critical support or resistance zone, CryptoQuant noted in a recent blog post. “When the price breaks this level, optimism tends to rise; if it breaks below it, selling pressure may intensify,” the post said.
*This is not investment advice.
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