CryptoQuant analyst Axel Adler Jr. recently shared his insights, stating that 90% of the total Bitcoin (BTC) supply is currently in profit. This suggests that the downside potential for BTC is limited, barring any unforeseen "black swan" events during this market cycle. Adler Jr. also noted that the current rally more closely resembles the 2017 bull run than the 2021 rally, which was abruptly halted by China's mining ban. This observation implies that the current market may have more staying power than previously anticipated. The high percentage of BTC supply in profit is a positive indicator for the market. It suggests that investors are confident in the long-term value of BTC and are not likely to sell at a loss. This creates a solid foundation for further price increases. However, it is essential to approach market analysis with caution. While the current data suggests a bullish outlook, it is crucial to remember that cryptocurrency markets are volatile and can be influenced by various factors. Investors should always conduct thorough research and exercise sound judgment before making any investment decisions.

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