Bitcoin gave a massive breakout earlier today with the BTC price shooting over 12% moving all the way to $35,000. Market analysts have been saying that this could be the beginning of the next Bitcoin bull run ahead of the next halving in mid-2024.
On-chain data shows that nearly 4/5th of the total Bitcoin holders are in profit. As Bitcoin effortlessly surged past the $30,000 threshold, on-chain data reveals that an impressive 80% of holders are currently in profit, marking a level not observed since the peak of the 2021 bull market. Well, this also increases the risks of profit booking ahead.
However, on-chain data from IntoTheBlock shows that there are no notably substantial on-chain resistance levels on the horizon as Bitcoin inches closer to $40,000, and the $30,000 level might serve as robust support in the event of a pullback.
Another notable trend is a 27% increase in the quantity of BTC held by short-term holders over the last 30 days, which is a customary occurrence during bullish phases. Short-term traders and newcomers are actively acquiring Bitcoin as its value continues to rise.
The world’s largest corporate holder of Bitcoin – MicroStrategy – saw its Bitcoin holdings turning into profit as the BTC price moved past $30,000. Now, with yesterday’s price rally, MicroStrategy is sitting on 10% profits on its $4 billion worth of bitcoin holdings.
BTC has formed a support stronghold within the $25,000 to $30,000 price range. According to the UTXO Realized Price Distribution (URPD) model, the forthcoming major resistance levels for $BTC are projected to be at $38,440 and $47,360.
A popular Bitcoin critic handle Whalewire has called it a FOMO rally among retail players and could lead to bigger price corrections ahead. The analyst noted that in past bear market cycles, Bitcoin saw comprehensive surges of over 200% before eventually dropping to fresh lows.
This recent rally appears to be yet another deceptive upswing, likely driven by ETF hype, designed to attract more participants before the next significant downturn. The substantial increase in newly minted Tether over the last week should also be noted. Whalewire advises its followers to either take profits or wait on the sidelines for now.
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