🚀 Bitcoin average profit index exceeds 200%, should we take profits or stay on the sidelines?
Since the Federal Reserve cut interest rates in September, Bitcoin has been fluctuating, but the overall trend remains bullish. Now everyone is watching Bitcoin's next move as it recently hovered around $69,500, experiencing a pullback of more than 5%, before finding strong support around $66,000. This price point is super important as it may indicate where Bitcoin is headed next.
CryptoQuant chart data reveals a key piece of information: the current average profit index for Bitcoin is now 202%, meaning the current market price is nearly double the price at which most people bought in. This news gives a lot of confidence to investors and traders who expect Bitcoin to continue rising.
But don’t forget that the current profit levels are far from the point where everyone usually starts selling off. This means that before a large-scale sell-off occurs, Bitcoin might still have more room to rise.
Many people feel that the coming weeks are extremely critical because if Bitcoin can firmly hold above $66,000, it may attempt to break through $70,000. However, if it cannot maintain this support level, there may be a deeper pullback.
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 selling in large quantities. The current index is 202%, which means we might already be halfway to that critical point. While there is still room for price increases, we are also nearing the time when profit-taking may become widespread.
Overall, while these analyses give us some ideas on how the market might move, Bitcoin's future price will still depend on broader market dynamics and investor sentiment. After all, markets are always changing, and we all need to be ready to respond.
👉 Friends, what do you think Bitcoin's next step will be? Do you think it can hold the support level of $66,000? Or will it break through the $70,000 barrier? Leave your opinions in the comments!
