As the sentiment in the general cryptocurrency sector has turned more positive and Bitcoin (BTC) returned to the psychologically important price mark of $37,500, nearly 85% of its holders are currently in profit, and indicators suggest this number could further grow along with its price.
Specifically, 84% of Bitcoin holders are making money at the maiden crypto asset’s current price, while 11% are in loss, and 5% are breaking even, according to the most recent information retrieved by Finbold from the blockchain analytics platform IntoTheBlock on November 23.
What next?
At the same time, it is important to note that this percentage of Bitcoin holders in profit has historically preceded even higher gains for these traders, as demonstrated in the chart developed by pseudonymous cryptocurrency analyst and investor PlanB, the creator of the Bitcoin stock-to-flow (S2F) model.
Indeed, according to this expert’s analysis shared on November 22, 87% of Bitcoin holders were in profit at the time of publication, represented in the chart as yellow dots, preceding orange dots at around 90% and toward 100% depicted by the red dots, suggesting that the price of Bitcoin could continue to grow.
Bitcoin price analysis
Meanwhile, Bitcoin was at press time changing hands at the price of 37,500, which represents an increase of 2.30% in the last 24 hours, a 0.39% gain across the previous seven days, and a 9.93% advance over the past month, as per the most recent charts on November 23.
All things considered, the above data is certainly a bullish sign for the flagship decentralized finance (DeFi) asset, especially in combination with other positive factors, such as the optimism regarding the possible approval of a spot exchange-traded fund (ETF) and the upcoming halving event.
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