In less than three weeks, three million of the Bitcoins (BTC) in circulation became profitable again. At the same time, this upsurge is far from levels that might trigger "anxiety" in investors, analyst Axel Adler shares.
19,000,000 Bitcoins (BTC) in profit: Analyst explains why this level is important
In the past 20 days, roughly three million Bitcoins (BTC) held by investors returned to profitable zones. While being positive for Bitcoin (BTC) bulls, this surge is insufficient to trigger market anxiety, says crypto researcher Axel Adler of the CryptoQuant community.
In the last 20 days, 3M BTC have returned to profit. The most interesting part will begin when the price rises further, and the supply in profit exceeds 19M.That’s when we’ll see how investors, who have been waiting for 6 months, manage their anxiety. pic.twitter.com/8lcXMKrNNx
— Axel 💎🙌 Adler Jr (@AxelAdlerJr) October 1, 2024
The most interesting part of the upcoming rally is set to happen once the number of Bitcoins (BTC) in profit exceeds 19 million, a level reached at the previous all-time high.
As investors who might have bought the orange coin at the top went through accumulation and disbelief phases in the choppy Q2-Q3, 2024, it will be challenging for them to avoid FOMO-driven selling.
As such, another upsurge above 19 million for the Bitcoin (BTC)-in-proft metric will be the real stress test for asset manager, the expert says:
That’s when we’ll see how investors, who have been waiting for 6 months, manage their anxiety.
It should be noted that, per CoinMarketCap, the aggregated circulating supply of Bitcoin (BTC) equals 19.76 million BTC.
Bitcoin (BTC) fails to start Uptober in green
As covered by U.Today previously, this analyst already indicated $69,500 as the level Bitcoin (BTC) needs to reach in order to trigger the next phase of FOMO.
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Meanwhile, Bitcoin (BTC) seems to be ruining all expectations associated with "Uptober", i.e., a pattern of "bullish" Bitcoin (BTC) behavior on October.
On Oct. 1, 2024, the largest cryptocurrency dropped from $64,100 to $61,800. As of press time, the Bitcoin (BTC) price is down by almost 2% on surging trading volume.
