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- On November 10, 2021, Bitcoin (BTC) price reached a range of $68,789.
- BTC’s price has the potential to rise to an impressive $138,000, reflecting a significant 346% return.
Bitcoin (BTC), the leading cryptocurrency, is currently consolidating around the $30,000 level, establishing a notable pattern. Data from Glassnode indicates that roughly 75% of the total Bitcoin supply is in profit, while the remaining 25% is at a loss. This distribution is reminiscent of the equilibrium points seen during previous peaks in 2016 and 2019.
This intriguing distribution stems from the fact that the 75:25 ratio of supply in profit versus loss appears to represent Bitcoin’s equilibrium point. Historically, 50% of all trading days have recorded a higher Profit-to-Loss ratio, while the other 50% have shown a lower one.
Bitcoin (BTC) Track (Source: Glassnode)
It is also noteworthy that the ongoing market consolidation has resulted in Bitcoin’s price stabilizing at $30,000. This level serves as a reference point for market analysts, suggesting potential patterns that have historically emerged during Bitcoin’s price cycles. Following the 2019 cycle, Bitcoin achieved a range of $68,789 on November 10, 2021.
Will Bitcoin (BTC) Price Surge Further?
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In a significant development for the cryptocurrency sector, there is increasing speculation regarding the potential approval of a Bitcoin Exchange-Traded Fund (ETF) at a relatively low entry point of $30,000. Should this occur, market analysts anticipate that Bitcoin’s price could surge to an astonishing $138,000, paralleling the remarkable 346% return that gold experienced after the approval of its first ETF in 2004.
Chart of Gold after ETF approval
So if #Bitcoin ETF gets approved at
$30,000, copying gold’s 346% return
after its first ETF approval in 2004
BTC price at a return of 346% would
be at $138,000 pic.twitter.com/ubBAIXsg2v— Ash Crypto (@Ashcryptoreal) July 12, 2023
The anticipated approval of a Bitcoin ETF has generated considerable excitement within the cryptocurrency community, as it could facilitate easier access for institutional investors and traditional financial entities to enter the Bitcoin market.
At the time of this report, Bitcoin (BTC) was trading at $30,700 with a 24-hour trading volume exceeding $11.59 billion. Additionally, Bitcoin continues its robust bullish trend, having gained over 1.5% in a single day and demonstrating an impressive 87% increase since the start of the year. With a current market share of 50%, BTC’s market capitalization now exceeds $595 billion, contributing to the overall global cryptocurrency market cap of $1.19 trillion.
Bitcoin (BTC) Price Chart (Source: Tradingview)
Technical indicators also align with the bullish sentiment surrounding Bitcoin. The 50-day moving average (MA) for BTC is indicating an upward trend, reinforcing the optimistic outlook for the leading cryptocurrency.
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