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Bitcoin Jumps 98% in Crucial On-Chain Metric, Road to $120,000?
According to recent data from IntoTheBlock, the number of profitable Bitcoin holders has surged by an astonishing 98%. As a result, almost all Bitcoin addresses are now “in the money,” indicating a significant shift towards bullish sentiment.
It is worth noting that a whopping 19.6 million addresses have turned a profit since Bitcoin’s current price reached $109,885.92. This massive influx of profitable holders is expected to have no impact on sell pressure due to their existing profitability.
In response to the surge in profitable addresses, the likelihood of a significant rally has been significantly increased. This new data supports the potential for Bitcoin to reach a record-breaking high of $120,000, as per some market predictions.
Source: u.today
