According to Odaily, CryptoQuant analyst Mignolet has indicated that despite the current consolidation phase of Bitcoin's price, the UTXO profitability percentage has significantly deviated from its low point. This is based on an analysis of the UTXO profitability percentage during the consolidation phase last year.
At this point, Bitcoin whales may react to market panic, suggesting a potential V-shaped rebound in the market. The term 'V-shaped rebound' refers to a sharp fall followed by a rapid recovery that resembles the letter 'V' on a chart.
The UTXO (Unspent Transaction Output) profitability percentage is a metric used in the cryptocurrency market to measure the profitability of a Bitcoin transaction. A higher UTXO profitability percentage indicates that more transactions are profitable, which can be a positive sign for the market.
Mignolet's analysis suggests that despite the current market conditions, there may be potential for a swift recovery. However, as with all market predictions, this is not guaranteed and investors should proceed with caution.