- Bitcoin’s market cycle bottom ROI has hit a new low, signaling the start of a bullish cycle.
- There was massive liquidation above $72K, as MicroStrategy completed a stock split.
As a seasoned researcher with over two decades of experience in financial markets, I find myself intrigued by the current state of Bitcoin [BTC]. The recent low ROI from the bottom of the last market cycle and the subsequent drop in profitability among holders echoes patterns we’ve seen before.
In simpler terms, the earnings gained from investing in Bitcoin at the end of its previous market downturn have reached an all-time low. Additionally, the number of Bitcoins currently in profit has fallen to its lowest point since October 2023.
In my experience as a crypto investor, when the price soared beyond $54K, approximately 71% of us found ourselves in a profitable position. It’s interesting to note that the last time this occurred, the value of Bitcoin was sitting comfortably at around $28K.
In simpler terms, the Bitcoin market has moved from extremely high prices (overheated) to lower annual minimums, yet it’s currently priced approximately twice as much as before. This stage of the Bitcoin market trend mirrors common patterns observed in previous market cycles.
Keeping abreast of the present trend can empower investors by enabling them to make wiser choices, since historical data indicates a similar trajectory. It’s essential to remain knowledgeable and flexible because the market is constantly evolving.
Massive liquidation resting above $72K
Approximately $15 billion worth of Bitcoin short positions could be closed when the price ranges from $70,000 to $72,000, as suggested by a review of data from Coinglass by AMBcrypto.
Based on my extensive experience in the cryptocurrency market and observing Bitcoin’s historical price patterns, I have a strong feeling that the next market cycle for Bitcoin may be starting soon. As the price of Bitcoin approaches the significant $72K resistance level, I can’t help but feel a sense of déjà vu – it reminds me of previous moments before major market shifts occurred. While past performance does not guarantee future results, I have learned to trust my intuition and the trends I see in the data. So, if you’re a Bitcoin investor like me, keep your eyes on that $72K level. It could be the catalyst for the next exciting phase of the market cycle.
Keep a close eye on this particular indicator since it might impact your extended outlook regarding Bitcoin, as it currently seems optimistic for traders and investors.
Bitcoin bull flag still holding
At the moment, the bullish flag pattern of Bitcoin remains unbroken, suggesting that a substantial price increase might occur as long as this pattern persists. Should the consolidation continue, a notable price spike may be imminent.
right now, it’s a thrilling period for individuals keeping tabs on Bitcoin. If things go as hoped, Bitcoin could surpass the $72K barrier, suggesting robust growth and positive trends ahead.
MicroStrategy completes stock split
As a researcher, I’ve observed that MicroStrategy has recently executed a 1:10 stock split, thereby increasing the affordability of their shares by tenfold for potential investors like myself and market analysts such as Crypto Rover on Twitter.
The business aims to offload shares worth up to 2 billion dollars, with the intention of boosting its Bitcoin holdings and funding its ongoing activities.
Taking this action might provide an excellent chance to expand your investment mix. Although a stock split doesn’t alter the firm’s intrinsic worth, it can create the perception that the stock is more budget-friendly.
The market’s recent rebound has boosted shares of Coinbase and MicroStrategy, with increases of 7.5% and 9%, respectively.
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2024-08-09 18:16