Glassnode Data Indicates Massive Upcoming Bitcoin Price Rally
Glassnode, a leading on-chain analytics platform, has recently provided insights into the current state of the Bitcoin market. According to their analysis, as the market consolidates below the $30,000 price level, approximately 75% of the total Bitcoin supply is held in a profitable position, while the remaining 25% is held at a loss. Interestingly, this distribution closely resembles the balance reached during price mid-points in 2016 and 2019.
Equilibrium Point for Bitcoin as Market Consolidates
As per charts, the 75:25 balance of supply held in profit versus loss has emerged as an equilibrium point for Bitcoin. Glassnode points out that on 50% of all trading days, a higher Profit-to-Loss balance was observed, while on the remaining 50%, a lower balance was recorded. This balance typically follows breakouts in the price of Bitcoin.
As of the time of writing, Bitcoin’s price stands at $30,753.52, reflecting a 1.18% increase over the last 24 hours. The price has been fluctuating within the range of $30,358.10 to $30,831.81. Standard Chartered, a leading international bank, and Robert Kiyosaki, a well-known investor and author, have both forecasted that Bitcoin could reach $120,000 by 2024.
Also Read: Final Judgment Issued in US SEC v. LBRY Case, Implications For XRP Lawsuit And Coinbase
BTC Price Set For Rally
In addition to analyzing supply balances, Glassnode’s data reveals that the number of wallets holding at least one bitcoin has reached a new all-time high of 1,008,737 million.
Bitcoin’s next significant movements will be influenced when jobless claims and Consumer Price Index (CPI) data are released. Traders closely scrutinize these indicators as they provide valuable insights into the effectiveness of the Federal Reserve’s efforts to combat inflation.
As the countdown to the next Bitcoin Halving event continues, the cryptocurrency community eagerly anticipates the upcoming reduction in block subsidies. With an estimated 282 days remaining until the event, the Halving is expected to decrease the block subsidy from the current 6.25 BTC to 3.125 BTC. Also Read: Bitcoin (BTC) Parabolic Rally To Take Post-Halving Price To $300K
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