A crypto analyst has indicated that Bitcoin might be ready for a new rally due to a bullish on-chain signal. The focus is on the Bitcoin UTXO metric, showing that the percentage of unspent transaction outputs in profit is at its lowest level since October 2023.
This decline suggests a negative market sentiment, but it could also indicate a market bottom. Historically, when BTC UTXOs in profit hit similar lows, Bitcoin prices experienced significant rallies.
Data reveals that Bitcoin's UTXOs in profit dropped from 99% in June 2024 to 68.5% in September 2024. This aligns with a recent price drop due to profit-taking from investors.
Currently, Bitcoin's price is slightly below $54,000, having declined by 4.1% in the past 24 hours and over 9% in the past week. Investors are advised to monitor other relevant on-chain metrics for further insights.
Джерело: www.newsbtc.com ↗