The profit margin for Bitcoin supply is the highest at 94.98%. It serves as an indicator to determine the highs and lows of long-term cycles. Current rates are identical to those recorded during the peak of the 2019 eco-bubble and the start of the 2020 bull market. Other times this rate was higher were 2017 and 2021.
Although investing in BTC appears attractive at the moment, analysts have issued warnings to traders that the current bullish trend could lead to a downside ahead. This does not necessarily reflect the long-term permanent picture. Bitcoin ultimately surpassed the ATH of nearly $68,000 and eventually hit resistance at $100,000. According to us BTC price predictionThe previous target was set for the end of 2024 and is expected to rise to $100,000 next year.
A lot depends on how the Bitcoin halving in April 2024 plays out. This is a trend that is causing a surge in transaction value. Bitcoin is currently trading at $57,267.00 and is up 1.83% in the last 24 hours. It also reflects gains of 10.95% and 34.91% over the past 7 and 30 days, respectively. Bitcoin previously surpassed $57,000 on February 26 this year, but later fell back to $56,500. We danced around this value for almost 24 hours before submitting the data above $57,000.
Bitcoin community members speculate that the next support level will be $60,000. This could happen around the time of the Bitcoin halving. The decline to $40,000 was welcome after the US SEC approved the Bitcoin ETF application. This contradicts expectations of a rise above $45,000. The bearish trend is now due to selling pressure on GBTC, which is evident in BTC’s continued rise.
Bitcoin was also recently reported to have become the second largest ETF product in terms of assets under management (AUM). Moreover, the work of defending the dominant cryptocurrency is a large accumulation of MicroStrategy. This has created a sense of optimism among cryptocurrency enthusiasts. Cryptocurrencies have always been extremely volatile, so it remains to be seen what happens next.
At the time of writing, ETH is trending at $3,267.56. This represents an increase of 1.21% over the last 24 hours. Ethereum has seen tokens dance above $3,000 for several days. Now, if the token successfully maintains its upward trend over the next few days, it is a positive sign. Holders have expressed a desire to see the price rise to $5,000 by the end of this year.
BTC supply at profit margins is currently high and reflects the 2017, 2021 peak and 2021 ATH trends. Aggressive investments must be followed by in-depth research to avoid large losses in the cryptocurrency market.