Bitcoin Bull Market Analysis: Are We Still Early?
Despite a 120% increase in BTC price this year, the much-anticipated “FOMO” of the Bitcoin bull market has not yet appeared. Data from the statistics platform Look Into Bitcoin shows that on-chain transactions are only just beginning to involve “younger” Bitcoin.
According to Philip Swift, the creator of Look Into Bitcoin, the realized cap HODL waves metric, also known as RHODL waves, is proof that the Bitcoin bull market has not fully materialized. Swift stated in a recent post on X (formerly Twitter) that “Warmer colour low timeframe waves are only just starting to increase as coins are transferred on-chain. No FOMO yet. We’re still early.”
Bitcoin Profitability Nears “Potential Breakeven Point”
Onchained, a contributor to on-chain analytics platform CryptoQuant, highlighted that those who increased their BTC exposure in the run-up to the 2021 all-time highs remain underwater. Using the net unrealized profit/loss (NUPL) indicator, Onchained revealed that all UTXO age bands are currently in a profitable state, except for holders with bitcoins held for 18 months to 3 years.
According to Onchained, “Their NUPL nearing the profitability benchmark of 0 suggests a potential break-even point if Bitcoin continues its rally beyond $39,000.” CryptoQuant data shows that the overall proportion of unspent transaction outputs, or UTXOs, currently at a loss is just 11.6%.
As reported by Cointelegraph, whale entities have been increasing BTC selling at current prices.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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