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Bitcoin Jumps 98% in Crucial On-Chain Metric, Road to $120,000?
According to the latest metrics from IntoTheBlock, a crucial on-chain metric has seen a substantial surge of 98.9%, indicating a shift in market sentiment towards Bitcoin (BTC). This development is noteworthy as it could signal an imminent bullish rally.
A staggering number of profitable addresses have emerged, with nearly all holders now “In The Money.” At the time of writing, this figure sits at 19.69 million BTC worth $2.17 trillion. Any potential sell pressure from investors has been alleviated, as they are already in profit. This trend is a clear indication of an upswing.
As of press time, Bitcoin’s price stands at $109,885.92, with a daily gain of 1.69%. This could be a precursor to surpassing the current ATH (All-Time High) of $111,970.17, which is just under $112,000.
Source: u.today
