- Three million Bitcoins returned to profit within the past three weeks, signaling a positive market recovery for Bitcoin bulls.
- Bitcoin’s profit level is approaching 19 million, a critical point last seen during its all-time high.
- Despite the profit surge, Bitcoin’s price dropped by 2% in early October, challenging market expectations for a bullish month.
In the past three weeks, three million Bitcoins have returned to profit, according to recent market data. However, despite this notable recovery, market sentiment remains calm, with no signs of the “anxiety” that typically accompanies sharp price movements. This observation was shared by crypto analyst Axel Adler from the CryptoQuant community.
19 Million BTC in Profit: A Crucial Level for Investors
Axel Adler emphasizes that the key point for investor sentiment will occur once the number of Bitcoins in profit surpasses 19 million. This figure was last reached during Bitcoin’s all-time high, and its significance is tied to investor behavior during market rallies. Many investors who bought Bitcoin during peak prices have since weathered periods of market turbulence, leading to accumulation and disbelief phases. Should Bitcoin approach the 19 million mark in profits again, Adler suggests it will serve as a “stress test” for investors managing their anxiety and fear of missing out (FOMO).
Bitcoin’s Sluggish Start to October
While market expectations were high for Bitcoin to begin October with strong performance, dubbed “Uptober” by some, the cryptocurrency saw a drop instead. On October 1, 2024, Bitcoin’s price fell from $64,100 to $62,447, marking a 1.61%decline. This downturn occurred despite an uptick in trading volume, dampening hopes for an immediate bull run. Previously, analysts predicted that Bitcoin would need to reach $69,500 to trigger the next phase of widespread buying and market exuberance.
Awaiting the Next Move
As Bitcoin remains shy of the critical $69,500 level, investors are cautiously observing the market for further developments. While the recent price action has been underwhelming, many believe that surpassing 19 million Bitcoins in profit will be a pivotal moment for Bitcoin’s next major rally.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
