Bitcoin’s (BTC) recent positive price movement has put most holders in the green, according to blockchain analytics firm IntoTheBlock. Over 80% of Bitcoin holders are currently in profit, marking the highest profitability level since December 2021.
Bitcoin’s highest level since December 2021
In a recent post, IntoTheBlock disclosed that this milestone is particularly significant, as it represents the highest profitability level recorded by the flagship cryptocurrency in the last two years.
Market participants and expert analysts believe that BTC could ascend further, with indicators hinting at the possibility of the market leader surpassing the $40,000 price zone soon.
A contributing factor to the orange coin’s strong bullish momentum is the growing optimism surrounding the potential approval of a Bitcoin Spot exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC).
Analyst James Seyffart, in an update, infused solid optimism into the crypto community by predicting a potential approval order for the Bitcoin Spot ETF between Jan. 8 and Jan. 10, 2024.
The development could pave the way for Bitcoin’s ascent beyond its 2021 all-time high, according to Mike Novogratz, CEO of Galaxy Digital.
Novogratz predicts a return to $69,000, Bitcoin’s previous all-time high, within a year of the SEC approving spot BTC ETFs.
Bullish Bitcoin price forecasts
Adding to the positive outlook, analysts at Matrixport project Bitcoin reaching $60,000 by April 2024 and doubling that mark by the year’s end. They attribute this bullish forecast to historical patterns, noting that previous bull markets followed bear markets, with 2023 being the first bullish year in a series of cycles.
Matrixport’s estimations align with the idea that Bitcoin’s latest bear market, observed in 2022, has concluded. The analysts assert that Bitcoin’s 123% increase in value during 2023 signals the end of the bear market, echoing patterns observed after previous market downturns.
Whales accumulating Bitcoin
Meanwhile, corporate giants are making significant moves in the Bitcoin space. MicroStrategy, led by Michael Saylor, recently invested $593 million in Bitcoin, acquiring an additional 16,130 BTC at an average price of $36,785 per Bitcoin. This brings MicroStrategy’s total Bitcoin holdings to over $6 billion at current prices.
This move by MicroStrategy is a testament to the increasing interest from institutional players in Bitcoin, which further reinforces the positive sentiment surrounding the cryptocurrency market.
Current BTC price level
As of now, the price of BTC stands at $38,800, with a 24-hour trading volume exceeding $13 billion, per data from CoinGecko. The Relative Strength Index (RSI) on the weekly timeframe is at 91, indicating strong market momentum.
Bitcoin recently gained 2.9%, moving from around $37,800 to nearly breaching the $39,000 mark, according to CoinGecko.