“Bitcoin’s value inches closer to the $50,000 mark, sparking renewed interest. With 91% of Bitcoin addresses now in profit, the cryptocurrency market is heating up once again. Stay tuned for the latest updates on this exciting milestone.”
Bitcoin continues its upward trend, approaching the $50,000 mark after a week of extreme bullish price action. This surge has propelled the number of Bitcoin addresses in profit to over 90%, with 91% of addresses currently holding profitable positions.
The recent price spike saw Bitcoin reaching $48,500 on February 11, its highest point in 26 months. Data from IntoTheBlock indicates that 90.53% of total Bitcoin addresses are now in profit, signaling a strong incentive for holders to continue holding. The majority of addresses are well in profit, with bullish signals pointing to further price climbs as Bitcoin edges towards the $50,000 mark.
With this bullish momentum, Bitcoin’s current market cycle saw it closing over $44,000 on the weekly timeframe for the first time. Spot Bitcoin ETFs now have over $10 billion worth of BTC under management, indicating significant activity surrounding these exchange-traded funds. This activity could contribute to further price surges in the top coin.
Additionally, the upcoming halving event presents another catalyst for sustained price increases, as historical trends have shown bull runs leading up to each halving trending up and going parabolic after the event. This trend could potentially see Bitcoin reaching $60,000 before the next halving in April and $100,000 before the end of the year.
In conclusion, with over 90% of Bitcoin addresses in profit and the price nearing $50,000, this bull run still has room to run. The bullish action and strong market indicators suggest that Bitcoin is set to keep shining, making it an attractive investment option for the future. However, it’s important to conduct thorough research and consider the risks before making any investment decisions.