With the rise of Bitcoin prices, Glassnode's latest data shows that the number of profitable Bitcoin addresses has reached 39.1 million
With the rise of Bitcoin prices, Glassnode's latest data shows that the number of profitable Bitcoin addresses has reached 39.1 million. But the last time the same situation occurred happened to be the peak of the bull market in November 2021, does this imply that the BTC peak has arrived?
Affected by positive news that Bitcoin's spot ETF may soon be launched, Bitcoin stabilized at $34000 after breaking through multiple resistance levels in late October. At around 5 am today (1st), another challenge of $35000 was unsuccessful, with a deadline of $34513, still fluctuating in high and narrow ranges.
Benefiting from the rising prices, according to the latest data from the data analysis platform Glassnode, as of October 30th, the number of profitable Bitcoin addresses has reached 39.1 million, setting a historic high.
Number of Bitcoin profit addresses. Image source: Glassnode
The last similar situation was the peak of the 2021 bull market
However, it is worth noting that the last time the same situation occurred, it happened to be at the peak of the bull market in November 2021. At that time, the number of profit addresses for Bitcoin reached a new high of 38.1 million, and the price of Bitcoin was also approaching a historical high of $70000.
If history repeats itself, it may indicate that Bitcoin prices have also reached a relatively high point and may face a correction in the future.
Bernstein: Bitcoin looks at $150000 in mid 2025
However, in the future, Bitcoin will receive a Bitcoin spot ETF and a halving incentive, and whether it will repeat the previous situation still needs to be continuously observed. Analysts from asset management company Bernstein predicted in an earlier report that the price of Bitcoin would reach $150000 by mid-2025:
Once the risks of K company are clear, we expect BTC to rebound after ETF approval and in the initial market reaction to ETFs. Some profits of K company will be halved in April 2024, and after halving, there will be a significant turning point in BTC.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
