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Bitcoin Jumps 98% in Crucial On-Chain Metric, Road to $120,000?
As the cryptocurrency market continues to exhibit unprecedented volatility, Bitcoin (BTC) has witnessed an astonishing surge of 98% in a crucial on-chain metric. This sudden shift could potentially propel the flagship cryptocurrency towards reaching a price level of $120,000.
According to IntoTheBlock data, a staggering 98.9% of Bitcoin holders are currently “In The Money,” signaling a remarkable bullish trend. This increase implies that investors who bought into BTC at a lower price have now entered profit zones, indicating a significant shift in market sentiment.
As a result, the remaining 1.1%, or approximately 218,530 BTC worth $4.11 billion, is no longer “out of money.” Instead, they are “at the money,” having purchased Bitcoin near its current market value. This suggests a lack of sell pressure on the asset as investors who initially held positions below the present market price now have a profit to capitalize upon.
This significant surge has piqued interest in the future trajectory of Bitcoin’s price action. With most holders now enjoying gains, this newfound bullish sentiment could lead to an even more robust rally for BTC.
Source: u.today
