The other day, Bitcoin was looking as if it was trying to break past $10k once again, but before the king coin was able to do that, a selloff triggered a significant drop in price.
At the moment of writing this article, Bitcoin is trading in the red, and the coin is priced at $9,392.62.
Despite the price drop, there are still bullish predictions about BTC
Bitcoin is on the verge of breaking out into a massive bull, according to the latest predictions.
It’s been also revealed that the percentage of Bitcoin’s circulating supply in profit is currently hovering at 87% says data coming from Glassnode.
This metric is calculated by looking at the ratio of coins with a value that is higher now than when they were last moved.
Essentially more than 16 million Bitcoin out of the total circulating supply of 18.4 million is currently making gains.
What’s even more important is the fact that the 87% level is close to that seen at the onset of the previous long-term bull markets, as noted by the online publication Coindesk.
Historical data shows 90% rises
“Historically, levels of 90% and higher have clearly marked pronounced bull markets,” according to Glassnode’s report.
They also give some examples: the percentage of circulating supply rose more than 90% back in October 2016 as BTC rallier from $470 to $1,100.
Bitcoin continued to gain altitude and ultimately reached a record high of $20,000 in December 2017. Throughout the meteoric rally, the non-price metric hovered largely in the range of 80 to 99%.
Also, the percentage of supply in profit crossed above 90% back in January 2013 and remained above that level for three months as Bitcoin was writing above $250 in April.
We recommend that you check out the original article for more data.
But anyway, if history were to repeat itself, Bitcoin could be on its way to embark on a bull that takes the profit above 90%.