🚀 Bitcoin's average profit index exceeds 200%. Should we take profits or wait and see?
Bitcoin has been fluctuating since the Fed cut interest rates in September, but the overall trend is still bullish. Now everyone is watching Bitcoin's next move, because it recently stopped at $69,500 for a while, experienced a retracement of more than 5%, and then found strong support around $66,000. This price point is super important because it may tell us where Bitcoin will go next.
CryptoQuant chart data reveals a key information. The current average profit index of Bitcoin is now 202%, which means that the current market price is almost twice the purchase price. This news gives great confidence to investors and traders who expect Bitcoin to continue to rise.
But don't forget that the current profit level is far from the level that usually makes everyone sell. This means that Bitcoin may have more room to rise before a large-scale sell-off occurs.
Many people think that the next few weeks are very critical because if Bitcoin can stand firmly above $66,000, it may launch an attack on $70,000. But if this support level cannot be held, there may be a deeper correction.
On-chain analyst Axel Adler also shared his views on the market. He emphasized that when the average profit index exceeds 300%, it is usually when everyone starts to sell in large quantities. Now this index is 202%, which means that we may be halfway to that key point. Although there is still room for prices to rise, we are also approaching the time when profit-taking may become common.
In general, while these analyses give us some ideas about how the market may go, the future price of Bitcoin still depends on the broader market dynamics and investor sentiment. After all, the market is always changing, and we must be prepared to respond at any time.
👉 Friends, what do you think of Bitcoin's next step? Do you think it can hold the $66,000 support level? Or will it break through the $70,000 mark? Leave your opinions in the comment section!
